The right-hander is expected to be sidelined for a year. He can begin physical therapy in about seven to 10 days, according to the Dodgers.
Team physician Dr. Neal ElAttrache performed the 90-minute procedure.
Also on Thursday, the Dodgers said reliever Shawn Tolleson is set to undergo surgery to repair a herniated disc in his lower back and is expected to miss 3-5 months.
In his only two starts of the 2013 season, Billingsley went 1-0 with a 3.00 ERA. He surrendered 12 hits and four runs in 12 innings of work. to go along with six strikeouts and five walks.
After an up-and-down 2012, Billingsley finally started to show signs of the player the Dodgers signed to a three-year, $35-million deal before the start of last season. From July 23 to Aug. 19 of last year, Billingsley went on a tear, going 6-0 with a 1.30 ERA in 41 2/3 innings pitched. The next game, however, Billingsley aggravated the same elbow that landed him on the DL and he went on to miss the final month of the 2012 season.
The Dodgers host the Brewers in a three-game series starting Friday.