Gravitational potential energy is the energy stored in an object as the result of its vertical position or height.
The energy is stored as the result of the gravitational attraction of the Earth for the object. The gravitational potential energy of the massive ball of a demolition machine is dependent on two variables - the mass of the ball and the height to which it is raised.
There is a direct relation between gravitational potential energy and the mass of an object. More massive objects have greater gravitational potential energy. There is also a direct relation between gravitational potential energy and the height of an object.
Elastic Potential Energy is the energy stored in elastic materials as the result of their stretching or compressing. Elastic potential energy can be stored in rubber bands, bungee chords, trampolines, springs, an arrow drawn into a bow, etc. The amount of elastic potential energy stored in such a device is related to the amount of stretch of the device - the more stretch, the more stored energy.