This research has attempted to investigate the perception of elderly women on self esteem, psychological well-being and the moderating effect of family support on self esteem and psychological well-being. Two-hundred and six of elderly women who used senior welfare centers had been participating in the research, and their questionnaires had been filled out during personal interviews. The collected data had been analysed by using SPSS Win 15.0 and the results of this study are as follows. Firstly, the level of self-esteem perceived by elderly women was a little bit higher than middle level and the level of psychological well-being appeared to be moderate. Secondly, it was found that the self esteem of elderly women affected psychological well-being and that the higher the participants perceived self esteem, the higher the level of psychological well-being. Thirdly, family support appeared to have a moderating effect in relation to self esteem and psychological well-being. As it were, the higher the perception level of elderly women was, the higher impact of their self esteem on their psychological well-being. Therefore, there needs to be a re-consideration of the importance of family support which is being weakened due to family nuclearization as well as mechanisms for improving family support.