Objectives: The objective of this study was to investigate risk factors for falls in the elderly by life-cycle. Methods: This study used the data on 435 male and female elderly generated from a survey taken at 21 Welfare Centers for the Elderly in Seoul. The incidence of demographic characteristics, physical changes brought about with ageing, health-related behavior, chronic diseases, and environmental characteristics on falls in the elderly was analyzed. Hierarchical Logistic Regression analysis was also conducted to investigate the incidence by life-cycle (early-mid-late stage) and the results were used for predicting falls. Results: The incidence of risk factors on falls varied across life-cycle. Among the elderly in the early (ages from 65 through 74), marital status, the existence of a companion, the quality of sleep, the chronic diseases, and the condition of the bathroom floor were found to be related to falls. Among those in the mid-stage (ages from 75 through 84), sex, marital status, the existence of a companion, hearing capacity, sense of balancing, chronic diseases, the exclusive use of rooms, and the side bar with bath tub were found to affect falls. Finally, for the elderly in their late stage (85 years of age and older), drinking and vision were found to be related to falls. Conclusion: The incidence of risk factors on falls was found to vary according the stage in the elderly. A key implication of this finding is that falls prevention programs and interventions must be catered to specific age sub-groups.