The stars, who collaborated on comedy Tv show Blackadder, have both joined the fight to preserve Fenton Town Hall in Staffordshire, England and the World War I memorial plaque inside.
Local officials have put the building up for sale, sparking fears it could be demolished or redeveloped, so Elton has made a $750 (£500) donation to campaigners hoping to raise enough money to buy the hall back.
He tells Thisisstaffordshire.co.uk, "I was so sad to hear the news that the beautiful Fenton War Memorial, which pays tribute to the 498 men of Fenton who died in the First World War, is under serious threat from developers.
"It is often said that if we fail to remember the past, we are destined to repeat it. In our own uncertain times, surely it's more important than ever that we remember the appalling carnage of the First World War and honour the memory of those hundreds of thousands of men who made the ultimate sacrifice."
Fry has also joined the fight and has helped to spread the word by reposting a link to a petition on his Twitter.com page.
He writes, "Join me in preventing the desecration of a magnificent memorial to the Great War and 498 men by signing this petition."