The Purpose of this study was to investigate the effects of the leasure activity and social support of the elderly people on their psychological well-being and the moderating role of social support. For this study, data were collected from 347 old people participating in the leasure activity programs operated by 10 facilities for the aged in Seoul, using structured questionnaires. Hierarchical regression analysis technique was used as a main data analysis method for hypothesis test. This study found that productive leasure activity had a beneficial effect on psychological well-being of the elderly measured in terms of life satisfaction and loneliness, whereas consumptive leasure activity had a positive effect only on life satisfaction; that, with regard to social support, spouse support had the most important effect on life satisfaction, followed by friend support and children support, whereas friend support had the most important effect on loneliness, followed by spouse support; and that the relationship between productive leasure activity and life satisfaction was moderated by spouse support and friend support, whereas the relationship between productive leasure activity and loneliness was moderated by friend support.