The purpose of this study was to identify the prevalence of depression and its affecting factors among a community dwelling elderly with Arthritis in Korea. A total of 4,050 subjects from the 2008 Korean National Older Adults Life Survey were selected. The data analysis was performed using the complex sampling function of SPSS version 20.0. Logistic regression analysis shows that depression was more prevalent as elderly who were uneducated, who had ADL limitation, who did smoke currently or formerly than had never smoked. The finding of prevalence of its risk factors is expected to promote the screening or prevention strategy for community dwelling elderly with Arthritis in Korea.