Purpose: This study was to investigate the factors affecting the self-rated health of vulnerable elderly in community. Methods: The subjects were 2,328 elderly over 65 years who were enrolled in the Visiting Health Care Center in J-gu of S-city from Apr. 2007 to Sep. 2008. Data were collected using questionnaires including general characteristics, health related behavior and health status by nurse at the time of enrollment. The collected data were analyzed by descriptive statistics, test and multivariate logistic regression. Results: 47.2% of the male subjects and 57.2% of the female subjects rated their health "poor". Gender differences were observed in the factors affecting on Self-Rated Health. ADL, depression and the number of diseases played a major role for men, whereas depression, IADL, the number of diseases, ADL, regular exercise and education played a major role for women. These factors explained $17{sim}29%$ of variance in Self-Rated Health. Conclusion: Gender-specific programs for vulnerable elderly may be developed based on this study. Both physical and psychological functions need to be integrated into the programs to improve self-rated health of vulnerable elderly.