The invention relates to a method and an arrangement for controlling a brake (1) of an elevator. In the method a plurality of optional objectives (3, 4, 5, 6) of operation are determined for the elevator (2); one or more of these objectives is selected at a time to be implemented as an objective (3', 4', 5', 6') of the operation of the elevator by using selection criterion (7, 8, 9, 10); references (11, 12, 13, 14) for the energizing current of the brake of the elevator that differ from each other and/or references (11, 12, 13, 14) for the closing current of the brake of the elevator that differ from each other are determined; the brake current reference (11, 12, 13, 14) used at any given time is selected so that the selected brake current reference (11, 12, 13, 14) best corresponds to an objective (3', 4', 5', 6') of the operation of the elevator to be implemented; and also the brake (1) of the elevator is controlled by adjusting the brake current towards the selected brake current reference (11, 12, 13, 14).