The aim of this study was to understand the factors related to depression according to gender in vulnerable elderly. We conducted a cross-sectional study with 1,709 elderly beneficiaries of the visiting health care program in Seoul. Depression was measured using the Geriatric Depression Scale Short Form Korea Version(GDSSF-K) questionnaire. Depression score was mild level in vulnerable elderly. There was no gender difference in depression level. Factors related to depression differ by gender. In the elderly men, higher depression showed significant correlation with a lower level of health-related quality of life(HRQOL) and self-rated health(SRH). In addition, higher depression was observed for elderly men living alone than for those living with family. These factors explained depression by 23.1%. In the elderly women, higher depression showed significant correlation with a lower level of HRQOL, SRH and a higher dependence of instrumental activities of daily living. In addition, higher depression was observed for elderly women who has fall experience. These factors explained depression by 22.8%. Gender-specific nursing strategies may be required for prevention of depression in vulnerable elderly.