The genus Elaphurus Milne-Edwards, 1866, now represented solely by Père David’s deer (E. davidianus Milne-Edwards, 1866), exhibited considerable diversity during the Pleistocene of Eurasia, including the debated E. formosanus (Shikama, 1937) from the Middle Pleistocene of Tainan, Taiwan. The taxonomic validity of E. formosanus has been questioned due to incomplete material and morphological similarities with E. d. predavidianus Dong et al., 2019. Here, we describe new antler remains of E. formosanus from the Pleistocene of Taiwan and reassess the taxonomic status of the species. These fossils reveal diagnostic characters, including a shorter anterior beam, well-developed accessory tine structures, and a markedly reduced size compared to other Elaphurus species. Combined with geological age and paleobiogeographic evidence, these features support the recognition of E. formosanus as a valid, endemic species. Interestingly, our comparative analyses of antler size measurements further reveal that E. formosanus represents the smallest-bodied species, possessing an exceptionally diminutive stature among the genus. This finding, supported by multiple lines of evidence, suggests that this species underwent dwarfism, a condition documented for the first time in Elaphurus and representing the first dwarfed cervid species in Taiwan. The distinctive antler development also highlights the potential roles of sexual selection and paleogeography in shaping the evolutionary trajectory of this species. Our reassessment of E. formosanus not only provides additional evidence for the diversity of Elaphurus but also elucidates dwarf adaptation, antler evolution, and the declining diversity of the genus through the Pleistocene.