The purpose of this study was to generate theoretical and policy suggestions on the policy for elderly welfare by comparatively analyzing factors related to life satisfaction for the male and female elderly. The survey subjects were 403 people over 60 years old who lived in J city of Gyeongsangnam-do Province, with 214 male elderly and 189 female elderly participants. Factors, that commonly had aninfluence on life satisfaction in the male and female elderly included subjective health level and subjective economic level. A gender difference was apparent among the male and female elderly for the male elderly, age had a primary influence on life satisfaction. However, for the female elderly, academic background, religion, and frequency of contact with children had a large influence. Accordingly, the female elderly were seen to be influenced more by environment than the male elderly. This study will help to generate a comprehensive understanding of diversity among the male and female elderly, contribute to improving diverse elements in the environment and to laying out a plan an elderly welfare policy that will increase life satisfaction among the male and female elderly, and offer implications for further research that will be conducive to understanding the differences between male and female elderly people.