Objectives: This study attempted to explore the aging phenomena that now characterize much of Korean society, and assessed issues associated with the life satisfaction experienced during the process of aging. Methods: By employing the National Survey on the State of Life and the Desire for Welfare of the Elderly, 2004 in South Korea this study attempted to identify the factors that determine subjective life satisfaction among the elderly. The data utilized herein consisted of 3278 elderly people aged 65 years or older, from 9308 households. Results: The results of analysis from the final model after the introduction of 19 variables in 8 factors showed statistically similar explanatory power in men (adj. $R^2=0.320$) and in women (adj. $R^2=0.346$). We found that economic condition was the most influential factor in both men (B = 0.278) and women (B = 0.336) except perceived health condition variables. The second most influential variable in life satisfaction was health checkups in men (B = 0.128) and degree of nutritional diet in women (B = 0.145). Those who had experience with chronic diseases also reported significantly lower perceived life satisfaction and this was particularly true of women. Conclusions: The aging society requires an understanding of the lives of elderly individuals. This study explored factors associated with life satisfaction in old age by using a life satisfaction model. The success of an aging society begins with an accurate understanding of the elderly, and thus political attention will need to be focused on this matter.