Purpose: The purpose of this study was to investigate the level of life satisfaction and the significant factors which impact on life satisfaction of young-old (60-69 yr), old (70-79 yr), and oldest-old (80 yr or above) women. Methods: The participants for this study were 289 elderly Korean women living in the city of Daegu and Kyongpook province. The data were collected using structured questionnaires. ANOVA, Chi-square, and multiple regression with the SPSS program were used to analyze the data. Results: There were statistically significant differences among young-old, old, and oldest-old women regarding the existence of spouse, income, educational status, and religions. The model including variables related to physical, psychological, financial, and social aspects of life, explained variance of life satisfaction of elderly women differently, such as 55% of young-old, 37% of old, and 66% of oldest-old. Finally, self-esteem was the only predictor in explaining the level of life satisfaction among old women regardless age. Conclusion: Based on the findings of the study, implications for practical services for elderly women and recommendations of further study are provided. Nursing interventions should be developed to improve life satisfaction of elderly women according to age differences.