This study investigates the effects of clothing consumption values and subjective age on fashion adoption. To explain the fashion adoption of elderly women, 5 dimensional consumption values were adopted as explanatory factors, and subjective age is included as a moderating factor. This study tested the relationship of variables with survey data from a convenient sample of elderly women. A total of 235 complete responses were obtained from women between 50 and 71 years of age. The results are as follows. First, factor analysis on clothing consumption values resulted in 5 dimensional structures of consumption values for the sample (epistemic, symbolic, harmonic, popular, and practical values). A factor analysis on subjective age resulted in 2 dimensions (physical and mental age). Second, epistemic, popular, harmonic (-) and symbolic values (except practical value) significantly affected fashion adoption. Third, the epistemic value was the strongest factor regardless of physical and mental age but the effects of epistemic, popular, harmonic, symbolic, and practical values changed depending on the level of the moderating factor.