Purpose: This study was done to identify the relationship of perceived health status, leisure satisfaction, loneliness and life satisfaction and to identify predictors of life satisfaction for elders. Method: The research design for this study was a descriptive survey design using a convenience sample. Data collection was done using self-report questionnaires with 297 elders from 6 community health practitioner posts. Data were analyzed using ANOVA, t-test, Pearson correlation coefficients and hierarchical multiple regression with the SPSS Win 18.0 Program. Results: Life satisfaction had significant negative correlations with age (r=-.31, p<.001) and loneliness (r=-.73, p<.001), and positive correlations with monthly spending money (r=.44, p<.001), health status (r=.63, p<.001), and leisure satisfaction (r=.62, p<.001). The explained variance for life satisfaction was 72%. Variables of monthly spending money, health status, leisure satisfaction, and loneliness significantly predicted the degree on life satisfaction of these elders. Conclusion: Findings of this study provide a comprehensive understanding of life satisfaction and related factors for elders in Korea. However, further studies with a larger random sample and more detailed research design are necessary.