Something that's elevated is raised up higher than it usually is, or is higher than things around it. An elevated train line has tracks up high above the ground.
If your house is elevated on a hill, it won't be in danger of flooding, but it'll be hard to drive up the driveway on snowy days. As well as being physically elevated, things can also be figuratively elevated: your elevated social status might make you feel superior to your friends, and your favorite soccer team might hold an elevated position in the league after winning several games. In both cases, something has a higher value than it once did.