The eighth son of Ebenezer and Mary Osborn Ballantine, Elisha Ballantine was born October 11, 1809, in Shodark Landing, New York. After the death of his parents in 1823, Ballantine left New York for Ohio University, from which he graduated in 1828. Desiring to further his education, he went on to attend the Union Theological Seminary at Prince Edward County, Virginia. While a student, he also served as an instructor until moving into a full time teaching position as Professor of Hebrew and Greek, from 1831-1837.

In 1838, he returned to Ohio University to teach Greek, but left after two years to answer a call to the ministry back in Prince Edward County. He left this post in 1848 to serve as minister at the First Presbyterian Church in Washington, D.C. where he remained until coming to Indiana University in 1854, where, with the exception of a brief position with the American Board of Foreign Missions (1863-1866), he spent the rest of his professional career.

A respected member of the Indiana faculty, Prof. Ballantine held several positions throughout his tenure at IU. Teaching positions included professor of mathematics (1854-1856), professor of languages (1856-1863), and professor of Greek (1867-1886). Towards the end of his career, he also served as acting president (1884) and then Vice-President from 1884 until his death in 1886.

Today Elisha Ballantine is memorialized on the IU Bloomington campus through Elisha Ballantine Hall, one of the largest academic buildings on campus, erected in 1959.