(1) To lift up or raise. (2) To raise in rank or status.
Example:
Last year's juniors have been elevated to the privileged status of seniors.
An elevator lifts things up. You may elevate a sprained ankle to reduce the swelling. When a Boy Scout reaches the rank of Eagle Scout, his rank is as elevated as it can get. Elevated language is language that, as in many poems and speeches, sounds formal or intellectual or in some way "higher" than common speech.