This, combined with Elric: The Song of the Black Sword, is just one of many ways to read the core books of the Elric saga. These two omnibuses were published by White Wolf, Inc. in the 1990's. "White Wolf" is actually named after Elric himself, as it turns out, that being one of his many nicknames.
This particular volume includes these Elric books:
#4, The Sleeping Sorceress, aka The Vanishing Tower
#9, The Revenge of the Rose
#5, The Bane of the Black Sword
Books #1-3 and #8 are found in the first omnibus.
Honestly, the core books to me are the first six in the regular paperback series. The seventh was a collection of odds and ends, while the 8th and 9th were strange returns to Melniboné that Moorcock wrote years later. The Revenge of the Rose is included here, and is worth reading. Unfortunately, due to being written some 30ish years later, the flow is thrown off when one wedges that between books 4 and 5. It seems to be reset then when one gets back into 5. Ideally, the best way to read the series might be by going the SFBC way of the four volume The Elric Saga which puts them out in a more linear order. The first two volumes of that would then be the core series.
That said, this was a very enjoyable read. Elric isn't pretty, and he isn't always nice. He's something of a bastard at times, mostly by necessity. And his sword, Stormbringer, is as wicked evil as a weapon gets. It's one feisty bitch and even when Elric tries to do the right thing, sometimes this sword has a way of changing the game.