The document discusses how Elastic Load Balancing (ELB) works by routing traffic to registered targets like EC2 instances across Availability Zones, monitoring target health, and only sending traffic to healthy targets. It supports three types of load balancers - Application Load Balancers, Network Load Balancers, and Classic Load Balancers - which differ in how targets are registered and traffic is routed. ELB creates load balancer nodes in enabled Availability Zones and routes traffic within or across zones depending on the load balancer type and cross-zone balancing configuration.