We present optical identifications and a multi-band catalogue of a sample of 478 X-ray sources in the XMM and Chandra surveys of the central 0.6 deg^2 of the ELAIS-S1 field. The optical/infrared counterpart of each X-ray source was identified using R and IRAC 3.6 um bands. This method was complemented by the precise positions obtained through Chandra observations. Approximately 94% of the counterparts are detected in the R band, while the remaining are blank fields in the optical down to R~24.5, but have a near-infrared counterpart detected by IRAC within 6 arcsec from the XMM centroid. The multi-band catalogue contains photometry in ten photometric bands (B to the MIPS 24 um). We determined redshift and classification for 237 sources (~50% of the sample) brighter than R=24. We classified 47% of the sources with spectroscopic redshift as broad-line active galactic nuclei (BL AGNs) with z=0.1-3.5, while sources without broad-lines are about 46% of the spectroscopic sample and are found up to z=2.6. We identified 11 type 2 QSOs among the sources with X/O>8, with z=0.9-2.6, high 2-10 keV luminosity (log(L2-10keV)>=43.8 erg/s) and hard X-ray colors suggesting large absorbing columns at the rest frame (logN_H up to 23.6 cm^-2). BL AGNs show on average blue optical-to-near-infrared colors, softer X-ray colors and X-ray-to-optical colors typical of optically selected AGNs. Conversely, narrow-line sources show redder optical colors, harder X-ray flux ratio and span a wider range of X-ray-to-optical colors. On average the SEDs of high-luminosity BL AGNs resemble the power-law typical of unobscured AGNs. The SEDs of NOT BL AGNs are dominated by the galaxy emission in the optical/near-infrared, and show a rise in the mid-infrared which suggests the presence of an obscured active nucleus.