In this dissertation, we study the mixed finite element method for the linear plane elasticity problem and iterative solvers for the resulting discrete system. We use the Arnold-Winther Element in the mixed finite element discretization. An overlapping Schwarz preconditioner and a multigrid preconditioner for the discrete system are developed and analyzed. We start by introducing the mixed formulation (stress-displacement formulation) for the linear plane elasticity problem and its discretization. A detailed analysis of the Arnold-Winther Element is given. The finite element discretization of the mixed formulation leads to a symmetric indefinite linear system. Next, we study efficient iterative solvers for the symmetric indefinite linear system which arises from the mixed finite element discretization of the linear plane elasticity problem. The preconditioned Minimum Residual Method is considered. It is shown that the problem of constructing a preconditioner for the indefinite linear system can be reduced to the problem of constructing a preconditioner for the H(div) problem in the Arnold-Winther finite element space. Our main work involves developing an overlapping Schwarz preconditioner and a multigrid preconditioner for the H(div) problem. We give condition number estimates for the preconditioned systems together with supporting numerical results.