The band's fourth album, The Seldom Seen Kid secures them the prize.
Elbow saw off competition from dubstep producer Burial to win the 2008 Nationwide Mercury Prize last night (September 9th).
The band's fourth album, The Seldom Seen Kid, beat 11 other musicians including Radiohead, Estelle, Robert Plant and British Sea Power to scoop the award and a £20,000 jackpot as well.
During the acceptance speech lead singer Guy Garvey claimed winning the prize was the greatest moment of their lives.
"I know I'm supposed to be cool and say something coy, but this is quite literally the best thing that's ever happened to us," he said.
Garvey added the five-piece group wanted to dedicate the award to their friend Brian Clancy, who died a few years ago and inspired some of the songs on their album.
Previous winners of the prize include Primal Scream, Suede Pulp, Ms Dynamite, the Klaxons, Franz Ferdinand and Anthony and the Johnsons.
The first award was given in 1992.
