Elastic Load Balancing is a service that automatically distributes incoming application traffic across multiple servers. This helps ensure that no single server becomes overwhelmed, improving the overall performance and reliability of applications. By balancing the load, it can handle varying levels of traffic efficiently. Additionally, Elastic Load Balancing can detect unhealthy servers and reroute traffic to healthy ones, enhancing fault tolerance. It supports different types of load balancers, such as Application Load Balancers for web applications and Network Load Balancers for high-performance needs, making it versatile for various use cases.