Purpose: The purpose of this study was to investigate the experience of falls and identify risk factors associated with falls. Methods: The participants were 233 community-dwelling elderly people in two cities. Data were collected by interviewing the elderly with structured questionnaires from May to June, 2012. For data analysis, descriptive statistics and multiple logistic regression were performed using SPSS version 17.0. Results: Age, educational level, living arrangement, health status, the use of assistive devices, the number of medication, hypertension, arthralgia, dizziness, fall efficacy, fear of falling, activity of daily living, and quality of life were significant associated with fall experience. Through multiple logistic regression analysis, arthralgia, dizziness, fall efficacy, and fear of falling were identified as significant predictors of falls. Conclusion: It is important to identify the risk factors for falls among the elderly living in community. Fall prevention interventions should be multifactorial, especially for the elderly who were identified as the high risk group.