Elevate means to raise, either literally or figuratively. Think: elevator. At the end of the track meet, the team elevated their trophy for everyone to see. Their mood could only be described as elevated.
If you get promoted, you might be elevated to the rank of vice president. Having elevated levels of cholesterol in your blood means that your levels are high. In the 1950s the Pop Art movement suggested that art can be found all around us, elevating the design of a can of soup to the level of high art.