Objective This study aimed to examine the associations between multiple modifiable risk/protective factors and the onset of cognitive impairment, using nationally representative panel data spanning 10 years. Methods A total of 7,568 respondents who were cognitively normal at baseline were included and followed up for 10 years using data from the 2006-2016 Korean Longitudinal Study of Ageing. The data were converted into 28,113 person-year observations, and a life table approach and a series of event history models were used to estimate the transition rates to cognitive impairment over time and to examine the influence of time-varying factors on the onset of cognitive impairment. Cognitive impairment was measured using the Korean version of the Mini-Mental State Exam. Results About half of the respondents without cognitive impairment at baseline had experienced cognitive impairment by the end of the last interview, and women were more likely than men to experience cognitive impairment during the observation period. Vascular risk factors, hearing loss, socioeconomic status, regular exercise, participation in social activities, and frequent contact with close friends were significantly associated with the onset of cognitive impairment. Conclusion This investigation of modifiable factors for cognitive impairment using population-based data may lead to the identification of preventive strategies that people could integrate into their lifestyles.