Elden Ring is getting ray tracing on PlayStation 5, Xbox Series X, and PC as part of the game’s newly available 1.09 update, according to Bandai Namco’s patch notes. That means you should see graphical improvements like improved lighting as you’re exploring the Lands Between.
That said, ray tracing can be taxing on your system, so your game’s frame rate and resolution might be affected when you are playing with ray tracing on, Bandai Namco warns. (I noticed worse framerate in a few minutes...