The name 'Eloy' comes from the book 'The Time Machine' by H.G. Wells, where Eloy is the name of the human race. In this story it is a new beginning for the human race after time travelling to the distant future. During the late sixties bands in Germany who played entirely their own compositions were few and far between. Eloy became one of the first to do this and went in a different direction and unknown future, much like the Eloy in Wells' story, which is what inspired the name. Formed in 1969 by guitarist Frank Bornemann, who has famously produced albums by the Scorpions, Helloween and Celtic Frost at his "Horus Studios' in Hannover, the band quickly gained a strong following in their native country Germany, selling millions of albums in the process. Defined as a progressive rock band, the lyrical and artwork themes were often inspired by Science-Fiction and Space, the band released six albums through Heavy Metal Records.

The band released their first album in 1971, entitled 'Eloy' and quickly gained a loyal following in their native Germany. Despite selling over a million albums in Germany, it took 10 releases before any of their music was released in the U.K. Fast forward to 1981, and after signing to Heavy Metal Records in the U.K., they released 'Planets', described as a real return to form after mixed reviews from their previous albums. This album was initially meant to be a double album but due to complications with the line-up, the first half was released as 'Planets' with 'Time To Turn' being released in 1982, which mastermind behind the band Frank Bornemann considered to be the second half of the story told in 'Planets'.

After numerous line up changes and three new albums, the band split in 1984. However, in 1987, Frank Bornemann reformed the band with keyboardist Michael Gerlach and one year later released the album 'Ra'. Magazine 'Metal Forces' describe the album as "uplifting, positive and perfectly executed", and Metal Hammer describing the quality of the instrumentation and production as "quite superb".

Sadly this was to be the last release from the band under Heavy Metal Records, the band later released two more albums before some of the original members rejoined in 1998 and released the album 'Ocean 2: The Answer', which was seen as a direct sequel to the 1977 album 'Ocean', before then going on a lengthy hiatus. In 2009 it was announced that the band was reforming for a new album to mark their 40th anniversary, and in 2011 released their latest album 'Visionary', spending the next few years touring Europe relentlessly.