This study was to find the factors affecting psychological well-being of elderly by analyzing relationships with sense of control, leisure efficacy, and social support which is composed of supports from family, friend, and significant others. Based on the factors found, an effective strategy to improve psychological well-being of elderly was suggested. To achieve this goal, socio-demographic characteristics and the levels of all other variables of the study subjects were investigated. And, multiple regression analysis was implemented to find factors to influence psychological well-being of elderly. 5 independent variables and 5 control variables with an dependent variable were used to do multiple regression analysis. The model was turned out statistically significant(F=8.592 p<.001), and explained 29.8% of psychological well-being of elderly. Among all independent variables, the support from family was the most significantly effective variable(β=.238), sense of control was second(β=.237), and leisure efficacy was third one(β=.179). Based on the study findings, several strategies were suggested. To develop psychological well-being of elderly, change of people s thoughts and acts, and necessity of implementing effective system were strongly commented.