Load Balancer is a device or software used to distribute network or application traffic evenly across multiple servers or other resources. The main goal of a load balancer is to ensure that no single server is overwhelmed, thereby improving the performance, reliability, and scalability of the system.
Elastic Load Balancing is an AWS Load Balancing service that ensures requests are balanced between targets.
Key features include:
Basic components of Load Balancer
How does Load Balancer work?
By default, the Load Balancer distributes requests from clients to targets in a Target Group in a balanced manner (round robin), even if the target is in more than one target group.
Example:

In the above image, each instance will receive ~16.7% of the requests from clients.
The Load Balancer can route to more than one target. In the case of multi-target, the routing to a target is determined by several rules: