Man, elves and magic—that combo is basically the bread and butter of fantasy for a reason. I’m gonna go a little old-school here and say you can’t really top the foundational vibe of 'The Silmarillion'. Yeah, it’s dense and reads like a history text sometimes, but the magic in it feels truly ancient and alien, and the Elves are tragic, powerful beings, not just folks with pointy ears. The way their fates are woven with the world’s creation is unmatched.
For something with more traditional adventure but still incredible depth, the 'Memory, Sorrow, and Thorn' trilogy by Tad Williams is a sleeper hit for this. The Sithi are clearly elf-inspired, but their culture and magic are shrouded in melancholy and loss. The magic system is soft and mysterious, tied to songs and dreams. It’s less about fireballs and more about a fading, beautiful power that the protagonist has to slowly understand. The pacing is deliberate, so it’s for fans who want to sink into a world that feels deeply lived-in and sad in the best way.