Objectives: This study evaluated the association between osteoarthritis (OA) and health-related quality of life (HRQoL) in elderly Korean women. Methods: We selected participants (n=2,597) aged 50 years or older from Korea National Health and Nutrition Examination Survey [KNHANES] 2005-2008. Demographic and personal characteristics, medical history of OA, and EQ-5D were extracted from the KNHANES data. Results: We found that demographic variables, including age, education level, income, and personal characteristics, were important covariates associated with the prevalence of OA and with HRQoL. In this study, OA was an important factor affecting HRQoL in women. The adjusted odds ratio for HRQoL in participants with OA was 2.92 [(95% confidence interval (CI)=2.43-3.51, p<.001)] in mobility, 2.60 (95% CI=2.17-3.10, p<.001) in pain/discomfort, 2.17 (95% CI=1.78-2.65, p<.001) in usual activities, 1.65 (95% CI=1.22-2.24, p=.001) in self care, and 1.47 (95% CI=1.22-1.77, p<.001) in anxiety/depression. After adjustment of covariates, HRQoL was significantly decreased in participants with OA. Conclusions: Our findings reveal that there is a strong association between OA and HRQoL. Preventing and controlling OA may significantly improve the quality of life for elderly Korean women.