The purpose of this study was to assess the level of quality of life and related factors among the elderly in Korea. In particular, we focused on factors affecting the quality of life of the elderly in long term care. We used the third Korean National Health and Nutrition Examination Surveys (KNHANES) from 2005. We sampled a total of 3,571 (10.5%) elderly from the national survey. We compared the mean of quality of life to socioeconomic status, Activities of Daily Living (ADL), health behavior, and disease variables. We used EuroQol-5D among KNHANES to assess the quality of life. In this study, the mean score of the quality of life among the elderly was 2.57. Logistic regression showed that the elderly who were male, with spouses, with health insurance, and with good ADL levels enjoyed higher quality of life scores and odds ratios than those who were female, divorced, uninsured, and with low ADL levels (p<.05). The quality of life of the elderly was affected by socioeconomic, ADL, health behavior and disease variables. To improve long term care and the quality of life among the elderly, we need detailed research to clarify the effects of these factors.