Ely \e-ly\ as a boy's name is of Hebrew origin, and the meaning of Ely is "high". Name of a river in South Wales and a cathedral and town in Cambridgeshire, England. Also possibly a variant of Eli.
For more information, see also related names Eleazar and Elijah.
Baby names that sound like Ely are Aly and Eloy. Other similar baby names are Bly, Erly, Ewy and Sly.