The 1,600 page book was given to the singer by his Uncle Vester and Aunt Clettes for his first Christmas at his Graceland home in 1957, reported BBC.
A pair of the singer's unwashed pants also on sale at the Omega Auctions in Stockport were not sold as bids failed to reach the reserve price.
The bible was among more than 100 lots of Elvis memorabilia on sale, including a movie contract signed by Presley for the 1962 film, 'Follow That Dream', and a pair of shoes made for the singer by Black Flagg Brothers.
The bible was sold on behalf of a British Presley collector who is selling a quarter of his collection.
"It was a really exciting atmosphere in the room, we had 300 people and there was bidding online and on the telephone across the world.
You could hear a pin drop when it sold for that price," said Karen Fairweather, from the auctioneers.
"There was a round of applause when the hammer went down. It was incredible."
The winning telephone bidder, who did not want to be identified, was an American man based in the UK.