Elevators were reported to cause an important part of building energy consumption. In general, each elevator has two operation states: The load state and power regeneration state. During operation, it has the potential to save energy by using regeneration power efficiently. In existing research, a set of energy storage devices are installed for every elevator, which is highly costly. In this paper, an energy conservation approach for elevators based on a direct current (DC) micro-grid is proposed, which has better economy. Then, an innovative energy-efficient device for the elevator group is designed based on a supercapacitor with similar characteristics and lifetimes. In a high-rise building case study, the experimental test and field data collection show that the innovative approach could result in a high energy efficiency within 15.87–23.1% and 24.1–54.5%, respectively. It is expected that the proposed method and designed device could be employed practically, saving energy consumption for elevator reconstruction.