A diving elbow drop is executed by diving onto a prone opponent with one's elbow cocked, driving the elbow into the opponent's shoulder or chest or head. This was famously the finishing move of "Macho Man" Randy Savage.
Axe handle elbow drop
The wrestler sits on the top turnbuckle with a foot on each second rope, facing a supine opponent. The wrestler then leaps towards the opponent, clasping their forearms together, and lands on their knees, driving both elbows into the shoulder or chest of the opponent.
Corkscrew elbow drop
The wrestler stands on the top turnbuckle with the opponent lying face up on the mat. The wrestler then leaps at the fallen opponent at the same time executing a 360 horizontal turn before driving the elbow into the opponent with increased force. This move can be done without the use of the top turnbuckle.
Diving back elbow drop
A less common variation on a diving elbow drop; the wrestler stands on the top turnbuckle facing away from the opponent then leaps backwards, extending and cocking one elbow. This allows for greater range but less precision. Ted DiBiase used a second turnbuckle variation in which he would fall back from the turnbuckle and execute the elbow.
Shooting star elbow drop
The wrestler leaps towards a prone opponent from an elevated position, executes a backflip in mid-air, and lands with their elbow cocked, driving the elbow onto the opponent's chest.