Elite has made a lasting impression on developers, worldwide, extending even into different genres. In interviews, senior producers of CCP Games cited Elite as one of the inspirations for their acclaimed MMORPG, EVE Online. Þórólfur Beck, CCP's co-founder, credits Elite as the game that impacted him most on the Commodore 64. Developers of Jumpgate Evolution, Battlecruiser 3000AD, Infinity: The Quest for Earth, Hard Truck: Apocalyptic Wars and Flatspace likewise all claim Elite as a source of inspiration.
Elite was named one of the sixteen most influential games in history at Telespiele, a German technology and games trade show, and is being exhibited at such places as the London Science Museum in the "Game On" exhibition organized and toured by the Barbican Art Gallery. Elite was also named #12 on IGN's 2000 "Top 25 PC Games of All Time" list, the #3 most influential video game ever by the Times Online in 2007, and "best game ever" for the BBC Micro by Beebug Magazine in 1984. Elite's sequel, Frontier: Elite II, was named #77 on PC Zone's "101 Best PC Games Ever" list in 2007. Similar praise has been bestowed elsewhere in the media from time to time.
Elite is one of the most popularly requested games to be remade, and some argue that it is still the best example of the genre to date, with more recent titles—including its sequel—not rising up to its level. It has been credited as opening the door for future online persistent worlds, such as Second Life and World of Warcraft, and as being the first truly open-ended game. It is to this day one of the most ambitious games ever made, residing in only 22 kilobytes of memory and on a single floppy disk. The latest incarnation of the franchise, titled Elite: Dangerous, was released on 16 December 2014, following a successful Kickstarter campaign.