The purpose of this study was to examine the relations between the friendship network and psychological wellbeing for the elderly. The friendship relations were measured by several variables such as number of friends and social support, while the psychological wellbeing was measured by the happiness and depression scales for the 302 elderly respondents. Both happiness and depression levels for the elderly people were significantly related with the variable psychological support among all the friendship relation variables from the regression analysis. However, the subjective health was the most significant variable accounting for the psychological wellbeing when considering both the friendship relation and socio-demographic variables in the regression analysis.