Cook the Pasta: Bring a large pot of salted water to a boil. Add elbow macaroni and cook until al dente (about 7-8 minutes). Drain and set aside.
Make the Roux: In a saucepan over medium heat, melt butter until bubbly. Whisk in flour until smooth and cook for about 1 minute.
Add Milk: Gradually pour in milk while whisking constantly until the mixture thickens slightly.
Add Cheese: Remove from heat and stir in shredded cheddar cheese until melted.
Combine Pasta and Sauce: Mix cooked macaroni into the cheese sauce until well coated.
Bake: Transfer to a greased baking dish, top with panko bread crumbs, and bake at 350°F (175°C) for 20-25 minutes or until golden brown.