Purpose: This study was conducted in order to investigate factors related to depression of elderly women in a Metropolitan city. Methods: Subjects included 118 elderly women older than 65 years of age. Structured questionnaires were used for data collection, and descriptive statistics, t-test, ANOVA, Pearson correlation coefficients, and hierarchical regression analysis were performed for data analysis. Results: A significant difference in depression was observed according to number of chronic diseases(F=4.963, p=.001). Significant factors influencing depression included number of chronic diseases (${eta}$=.265, p<.01), cognitive function (${eta}$=.290, p<.01), quality of sleep(${eta}$=.212, p<.01), and nutritional state (${eta}$=.161, p<.05). These factors explained 54.2% of the variance. Conclusion: Findings of this study suggest the need for development of nursing strategies to decrease the incidence of depression in elderly women.