The exact and semiclassical quantum mechanics of the elliptic billiard is investigated. The classical system is integrable and exhibits a separatrix, dividing the phase space into regions of oscillatory and rotational motion. The classical separability carries over to quantum mechanics, and the Schro dinger equation is shown to be equivalent to the spheroidal wave equation. The quantum eigenvalues show a clear pattern when transformed into the classical action space. The implication of the separatrix on the wave functions is illustrated. A uniform WKB quantization taking into account complex orbits is shown to be adequate for the semiclassical quantization in the presence of a separatrix. The pattern of states in classical action space is nicely explained by this quantization procedure. We extract an effective Maslov phase varying smoothly on the energy surface, which is used to modify the Berry Tabor trace formula, resulting in a summation over nonperiodic orbits. This modified trace formula produces the correct number of states, even close to the separatrix. The Fourier transform of the density of states is explained in terms of classical orbits, and the amplitude and form of the different kinds of peaks is analytically calculated.