Elijah was born on Friday night in Las Vegas, weighing an impressive 8lbs 4oz.
Not surprisingly, the singer and his partner are over the moon with the latest addition to the Furnish-John family.
David and Elton entered a civil partnership in 2005. Their first son Zachary was born on Christmas Day 2010.
"Both of us have longed to have children," Elton said. "But the reality that we now have two sons is almost unbelievable.
"The birth of our second son completes our family in a most precious and perfect way.
"It is difficult to fully express how we are feeling at this time; we are just overwhelmed with happiness and excitement."
Last November, the couple announced that they were expecting their second child.
Elton and David used the same California based surrogate mother who gave birth to Zachary two years ago.
A source close to the pair said that Elton and David have a close relationship with their children's surrogate mother.
"Elton and David love this lady like a sister and they feel indebted to her for life," the source said. "Naturally she has been well rewarded. But her identity will never be revealed."
The Tiny Dancer singer has said in the past that he now regrets waiting so long to have children.
"I think it changes everybody. It's the most wonderful thing that you could possibly go through. I regret a little bit that I didn't do it sooner."
After the birth of Zachary, Elton expressed his concern regarding the difficulties his son would face.
"Being the child of someone famous is a huge ball and chain around your ankles.
"It's going to be very difficult," he said.
"And at school other children will say, 'you don't have a mummy'.
"We've come a long way, but there's still homophobia and will be until a new generation of parents don't instill it in their children."