The elastic optical network (EON) is a promising new optical technology that uses spectrum resources much more efficiently than does traditional wavelength division multiplexing (WDM). This paper focuses on the routing, modulation level, spectrum and transceiver allocation (RMSTA) problems of the EON. In contrast to previous works that consider only the routing and spectrum allocation (RSA) or routing, modulation level and spectrum allocation (RMSA) problems, we additionally consider the transceiver allocation problem. Because transceivers can be used to regenerate signals (by connecting two transceivers back-to-back) along a transmission path, different regeneration sites on a transmission path result in different spectrum and transceiver usage. Thus, the RMSTA problem is both more complex and more challenging than are the RSA and RMSA problems. To address this problem, we first propose an integer linear programming (ILP) model whose objective is to optimize the balance between spectrum usage and transceiver usage by tuning a weighting coefficient to minimize the cost of network operations. Then, we propose a novel virtual network-based heuristic algorithm to solve the problem and present the results of experiments on representative network topologies. The results verify that, compared to previous works, the proposed algorithm can significantly reduce both resource consumption and time complexity.