Born in Chicago in 1916 to a family of Ukrainian Jewish immigrants, Elliot Handler moved to Denver, Colorado, during his youth, where he met and later married Ruth Moskowicz in 1938. The couple relocated to Los Angeles, where they began exploring industrial design and toy making. In 1945, amid the post-war boom, he co-founded Mattel with his wife and their business partner Harold “Matt” Matson, combining the names “Matt” and “Elliot” to form the company’s title.

While Ruth took the spotlight for developing Barbie, Elliot played an important role in the company's success, supporting the Barbie project and being instrumental in creating other Mattel classics, including Hot Wheels, which launched in 1968 and became another smash hit for Mattel.

After decades of dedication, he stepped away from the company in the 1970s and remained a strong figure in the toy industry until his death in Los Angeles in 2011, at the age of 95.