This study attempted to study the relation between the social capitals and self esteem, psychological wellbeing of the elderly. This study took a questionnaire survey to 162 elderly persons over 65 years old in Busan Metropolitan City. The results of the impact of social capitals upon mental health of the elderly were as follows. For the social capitals and self esteem, formal reliability, formal network and the norm, women had significantly positive(+) impact on self esteem. For the social capitals and psychological wellbeing, formal reliability, women had significantly positive(+) impact on psychological wellbeing, while the norm had significantly negative (-) impact on psychological wellbeing. Based on such results, this study suggested meaning and necessity to construct the social capitals and its activation for the improvement of psychological health of the elderly. Finally, it remarked the limits of the study and the suggestions for the further research direction.