A method of elevation rendering an audio signal includes receiving multichannel signals including a height input channel signal of a predetermined elevation angle, obtaining first elevation rendering parameters for a height input channel signal of a standard elevation angle, obtaining a delayed height input channel signal by applying a predetermined delay to a height input channel signal, updating the first elevation rendering parameters based on the predetermined elevation angle, obtaining second elevation rendering parameters based on the label of the height input channel signal and labels of two output channel signals, and elevation rendering the multichannel signals and the delayed height input channel signal to output a plurality of output channel signals of an elevated sound image, based on the updated first elevation rendering parameters and the second elevation rendering parameters.