Hit my elbow and it bruised. Bruise is now gone but there is a lump on the inside of my elbow. It still hurts, but it itches really bad. Is that normal?

Not exactly. Sound like you have developed a condition called "Olecranon bursitis," commonly known as "baker's elbow." This is due to increase synovial fluid collection in the Olecranon bursa as result of the initial injury to the area. It is body's response to injury and/or inflammation to the region. However, other possibilities, include: hematoma and infection, which needs to be evaluated by your doctor.