older in age, or belonging to an earlier generation: an older person, or the forebears who lived before.
At its plainest this word simply means older. Greek formed it from the word for an old man, and in this sense it describes someone advanced in years, the older of two people, or the oldest in a group. It can name an older man or an older woman, and it is the natural word for the elder of two brothers.
From there it stretches one step further in time. The same word names the people of an earlier generation, the forebears who came before. When the Gospels speak of the tradition of the elders, they do not mean the leaders of the day but the revered ancestors whose customs were handed down. When Hebrews says the elders were commended for their faith, it means the men and women of old, the long line of believers before Christ.
So the thread running through this meaning is simply age and seniority, whether of a living older person or of the generations already past. This is distinct from the word's other, official sense, where it names a recognized leader rather than describing someone's years.