Elite is a free-form space trading and combat simulation game, considered one of the pioneers in its sub-genre. The player starts as "Commander Jameson" at Lave Station with 100 credits and a lightly armed trading ship called Cobra Mark III. Most of the game involves traveling to various star systems, trading with their inhabitants, earning money and reputation. Money can also be gained through other means such as military missions, bounty hunting, asteroid mining, and piracy.
The gameplay focuses on exploration and action. The player must manage resources, upgrade their ships, and engage in space combat when threatened by hostile alien ships known as Thargoids. Combat takes place in the same environment as exploration, requiring the use of available weapons and ship manoeuvrability to evade attacks. Neutral ships can also be attacked, but this decreases the protagonist's reputation.
Elite is notable for its vast game world, consisting of eight galaxies and 256 planets. The player has freedom to travel to any planet, provided their ship has enough fuel for the journey.