Objective: The aim of this study was to find out the factors associated with the health status and life satisfaction in the elderly who participated in an exercise program practiced by the National Health Insurance Corporation and the elderly who did not. Methods: The subjects of this study included 105 elderly people in K-city who participated in the elderly exercise program of the National Health Insurance Corporation and 103 elderly who did not. Results: The elderly group that participated in the exercise program showed slightly better physical health than non-participants but the difference was significant only in the item of bowel control. The elderly group that participated in the exercise program displayed slightly better mental health status than non-participants but the difference was significant only in the item of memory and cognitive ability. The elderly group that participated in the exercise program showed significantly higher life satisfaction than non-participants. The factors affecting the satisfaction of life were participation of exercise program, higher level of education, and perception of health, and the attributable rate was 24.6%. Conclusions: In conclusion, this study suggested that the people who participated in elderly exercise program showed higher level of physical and mental health status and life satisfaction than non-participants. Therefore, various National Exercise Program for elderly tailored by characteristics should be implemented.