The physical properties of the hot interstellar matter in elliptical galaxies are directly related with the formation and evolution of elliptical galaxies via star formation episodes, environmental effects such as stripping, infall, and mergers, and growth of super-massive black holes. The recent successful Chandra and XMM-Newton X-ray space missions have provided a large amount of high spatial/spectral resolution observational data on the hot ISM in elliptical galaxies. At the same time, theoretical studies with numerical simulations and analytical modeling of the dynamical and chemical evolution of elliptical galaxies have made a significant progress and start to predict various observable quantities.