The purpose of this study was to examine the impact of the daily stress and social support of elderly people on their psychological wellbeing in an effort to provide some information on the promotion of the psychological wellbeing of the elderly. The major findings of the study were as follows: The psychological wellbeing of the elderly people was under the statistically significant negative influence of their family relations, health problems and sense of loss among the subfactors of daily stress. As for the subfactors of social support, emotional support and support from friends had a significant positive impact on that. The findings of the study suggest that in order to boost the psychological wellbeing of the elderly, they should be helped to cope with various stress that they face in daily routine life, and a variety of programs should be developed to bolster their psychological stability. In addition, the kind of community programs in which they can participate with their friends should be prepared, and how to provide them with better emotional support should carefully be studied.