The extreme learning machine (ELM) has attracted increasing attention recently with its successful applications in classification and regression. In this paper, we investigate the generalization performance of ELM-based ranking. A new regularized ranking algorithm is proposed based on the combinations of activation functions in ELM. The generalization analysis is established for the ELM-based ranking (ELMRank) in terms of the covering numbers of hypothesis space. Empirical results on the benchmark datasets show the competitive performance of the ELMRank over the state-of-the-art ranking methods.