Elrond is Half-elven and mighty amongst both men and elves. He dwells in Rivendell, which is his secret refuge. Elrond chose to be immortal and so has seen countless centuries in Middle-earth.
He was there, thousands of years before Frodo started his quest, when Sauron was defeated and the One Ring was taken from him. He fought side by side with Gil-galad and Elendil and watched them both perish, until Isildur cut the One Ring from Sauron's hand.
When Frodo reaches Rivendell it is Elrond who heals him and calls him back to the light. Elrond also holds a council which decides the fate of the Ring. He helps to choose the members of the fellowship and names them "The Fellowship of the Ring." 