During the reign of Mircea the Elder, Wallachia controlled the largest area in its history, gaining Dobruja in 1388, the Banate of Severin in 1388/9 and Podunavia (which is suspected to be the Timok Valley, or the name of the Danube river valley in Slavonic as stated in Mircea's letter "both sides of Danube. In addition, he was also granted the fiefdoms of Amlas and Fagaras in Transylvania.

The byname "elder" was given to him after his death in order to distinguish him from his grandson Mircea II ("Mircea the Younger"), although some historians believe the epithet was given to him as a sign of respect by later generations. He is considered the most important Wallachian ruler during the Middle Ages and one of the great rulers of his era, starting in the 19th century, Romanian historiography has also referred to him as Mircea the Great (Mircea cel Mare).