Elegant Parrots are mostly ground feeders, foraging for grass seeds, flowers, and small fruits.  They occasionally eat insects as well.  These parrots are generally seen in pairs or small flocks, though they may gather in larger groups outside the breeding season.

Breeding usually takes place from August to January, depending on rainfall and food availability. They nest in tree hollows, particularly in eucalypts or dead stumps. The female lays 4 to 6 white eggs, incubating them for about 18–20 days while the male provides food. Once hatched, the chicks remain in the nest for around 4 to 5 weeks before fledging. Both parents feed the young until they are independent.  The species is capable of raising two broods in one season if rainfall conditions are favourable.

The Elegant Parrot is currently listed as a species of Least Concern on the IUCN Red List. While it is considered stable overall, certain populations are affected by habitat loss, agricultural expansion, and competition for nesting hollows with other birds. Despite these challenges, their adaptability to open and semi-open landscapes has helped them maintain healthy numbers across much of their range.