The name Elayne is believed to have originated from the Old French name Elaine. It is derived from the Old Germanic elements "ali" meaning "other" and "gairu" meaning "spear." The name has been in use since the Middle Ages.

Elayne was a popular name in medieval literature and Arthurian legends. One of the earliest recorded instances of the name appears in the Arthurian romance Lancelot-Grail, where Elaine of Astolat, also known as the Lady of Shalott, was a young noblewoman who fell in love with Sir Lancelot.

In the 12th century, the name Elayne was popularized by the French poet Chrétien de Troyes in his romance Lancelot, the Knight of the Cart, where Elaine was the daughter of King Bademagu. This Arthurian connection likely contributed to the name's widespread use in Europe during the Middle Ages.

One of the earliest notable bearers of the name was Elaine de Lusignan (c. 1182–1246), a French noblewoman and the daughter of Amalric II, King of Jerusalem and Cyprus. She was also the wife of Henry II, Count of Champagne.

In the 16th century, Elayne was the name of a character in Edmund Spenser's epic poem The Faerie Queene. The character Elayne, also known as the Lady of the Court, was a representation of Courtesy.

Another notable historical figure with the name Elayne was Elaine Brewster (1909–1998), an American actress and dancer who appeared in several films during the 1930s and 1940s. She was known for her roles in films such as The Fighting Seabees and Seven Sweethearts.

In literature, Elayne was the name of a character in Robert Jordan's popular fantasy series The Wheel of Time. Elayne Trakand was one of the main protagonists and a powerful Aes Sedai (a group of women who can channel the One Power).