The Xbox 360 Elite (previously codenamed "Zephyr") is a new SKU of Microsoft's Xbox 360 that adds a 120GB hard drive, a HDMI port, and a new matte black finish. It was officially announced by Microsoft on March 27, 2007 that it would be launched in the United States on April 29, 2007, Canada on May 4, 2007, with the European launch date being described as "soon", with some sources expecting a release in late summer.

The console, packaging, peripherals, and specifications can already be seen on the Xbox website. The console can play all Xbox 360 games and a select number of Xbox games with backwards compatibility, as is the case with the other Xbox 360 versions. A hard drive (either 20 or 120GB) is required at all times while playing an original Xbox game.