Purpose: The aim of this study was to investigate the effects of chronic musculoskeletal pain and depression on health-related quality of life (HRQoL) according to gender in community-dwelling older adults. Methods: The subjects of this study were 209 elderly individuals who were receiving visiting nursing services from a public health center located in Gangwon-do. Data were collected using a structured questionnaire from March to April, 2008. SPSS/WIN 13.0 was used for data analysis. Results: Depression and HRQoL showed a significant difference between male and female subjects. There was a negative correlation between chronic musculoskeletal pain, depression, and HRQoL. In the male elderly, depression was the most significant predictor of HRQoL, while in the female elderly, chronic musculoskeletal pain was the most significant predictor of HRQoL. Conclusion: The study showed that chronic musculoskeletal pain was the variable with the highest explanatory power for HRQoL in the female elderly. Therefore, chronic musculoskeletal pain needs to be assessed and managed first in nursing interventions to improve HRQoL of the female elderly.