The purpose of this study was to examine the mediating effect of rumination on the relationship between negative life events and elderly depression. Whether such mediating process might differ across levels of coping flexibility was also investigated. Participants were 270 individuals aged over 65(217 males, 53 females) who were asked to complete self-report questionnaires assessing elderly depression, negative life events, rumination, and coping flexibility. Results of structural equation modeling indicated that rumination significantly mediated the relationship between negative life events and elderly depression, and that the mediated pathway partly differed across levels of coping flexibility. The present study offers theoretical implications of revealing a mechanism by which negative life events may become associated with elderly depression. It highlights rumination and coping flexibility as possible targets for intervention.