Elastic energy is the potential mechanical energy stored in the configuration of a material or physical system as work is performed to distort its volume or shape. Elastic energy occurs when objects are compressed and stretched, or generally deformed in any manner. Elasticity theory primarily develops formalisms for the mechanics of solid bodies and materials. (Note however, the work done by a stretched rubber band is not an example of elastic energy. It is an example of entropic elasticity.) The elastic potential energy equation is used in calculations of positions of mechanical equilibrium. The energy is potential as it will be converted into another form of energy, such as kinetic. Mathematically, the equation can be stated as:

The essence of elasticity is reversibility. Forces applied to an elastic material transfer energy into the material which, upon yielding that energy to its surroundings, can recover its original shape. However, all materials have limits to the degree of distortion they can endure without breaking or irreversibly altering their internal structure. Hence, the characterizations of solid materials include specification, usually in terms of strains, of its elastic limits. Beyond the elastic limit, a material is no longer storing all of the energy from mechanical work performed on it in the form of elastic energy.