The purpose of the present study is to investigate the related variables of life satisfaction among the elderly. Participants were 665 elderly men and women who were at least 65 years of age and lived in Seoul, Korea. Two hundred eighty seven participants of this study were living with others and 378 of them were living alone. participants completed questionnaires and psychological tests including: The Index of Activities of Daily Living(IADL), Social Support Index(SSI), and Life Satisfaction in the Elderly Scale(LSES). Main statistical designs were multiple regression analysis. Results indicated that the elderly lived alone received less social support than the elderly lived with others, and the elderly men who had children were likely to lived alone. Multiple regression revealed that economic status was significant independent predictor of life satisfaction for the elderly lived with others, while gender, age, the existence of child, and economic status in demographic profiles were predictors of life satisfaction for the elderly lived alone. In psychological variables of this study, physical function, self-reported health, and social support were predictors of life satisfaction for the elderly lived with others, while physical function and social support were predictors of life satisfaction for the elderly lived alone. These three variables, physical function, self-reported health, and social support accounted for more than 40% of variance of life satisfaction among the Korean elderly. These findings reiterate the role of physical function, social support, health in life satisfaction among the elderly in Korea and suggest a role for residential types.