This research examined elderly’s quality of life(q/l). In order to explore the elderly’s q/l, it was conceptualized into 8 dimensions tapping macro and micro aspects of elderly’s life: physical & mental health, self-esteem, anxiety, social support, family solidarity, economic state, and physical environment. The primary purposes were to describe dimensions of q/l by the elderly’s sociodemographic variables. And the intercorrelations among q/l dimensions were examined and then the effects of q/l sub-dimensions on psychological well-being were analyzed by using multiple regression. Based on the data collected for 677 subjects residing in rural and urban areas, the basic issues hypothesized were explored. The findings appeared that the psychological well-being was a positive function of physical and mental health, self-esteem, social support, and economic state and a negative one of social anxiety, controlling for subjects’s sociodemographic variables.