Purpose: This study was done to investigate levels of health and subjective life expectancy for community-dwelling elders and to identify factors affecting subjective life expectancy. Methods: For the data of this study were used from the Korean Longitudinal Study of Aging (KLoSA), a national panel data set. From the 2014 data set, data on 2,362 participants over 65 years of age and within normal cognitive levels were analyzed using t-test, ANOVA, and multiple regression analysis. Subjective life expectancy was defined as the individuals estimate of their possibility of living another 10~15 years by age group. Results: Subjective life expectancy for the total participants was 51.85 out of 100 points. More than 50% participants rated their perceived health status as above the level fair . Subjective life expectancy were different depending on perceived health status, vision, hearing, chewing, number of chronic diseases, depression, and ADL. Significant factors for subjective life expectancy were identified as perceived health status, vision, number of chronic diseases, and depression. Conclusion: The results indicate that positive perception of health status and integrated care for health conditions (depression and chronic disease) is needed to increase subjective life expectancy.