Elasticsearch storage optimization involves both hardware and data management strategies to improve performance and efficiency. On the hardware side, selecting appropriate disk types, such as SSDs for frequently accessed data and HDDs for long-term storage, is crucial. For data management, configuring index settings like disabling normalization factors, adjusting field mappings, and choosing efficient compression algorithms can significantly reduce storage requirements, as demonstrated by experiments that achieved up to a 50% reduction in index size. Additionally, employing node tiering strategies, such as hot-warm-cold architectures, allows for dynamic shard allocation based on data lifecycle phases and resource availability. These optimizations require a deep understanding of specific use cases and can be further enhanced through benchmarking and simulations using tools like Elastic's Rally.