Purpose: The present study was to done ascertain variables related to health-related quality of life (HRQOL) and their related factors in elders from urban or rural areas. Methods: Data were collected from raw material of the 2009 community health survey. Participants were 2,140 elders. Health related quality of life (HRQOL) was measured using EQ-5D. Data were analyzed with SPSS 13.0. Results: Mean EQ index score for urban elders was 0.78±0.23, Mean EQ index score for rural elders was 0.82±0.16. Rural elders had significantly higher EQ-5D index value compared to urban elders. The urban elder HRQOL model accounted for 33.6% of the variance due to depression, age, stress perception. The rural elder HRQOL model accounted for 23.5% of the variance due to exercising walking, skipping breakfast, depression in that order. In comparison, depression, skipping breakfast, livelihood, arthritis, stress perception, hours of sleep and age are strongly associated with HRQOL in both groups. Conclusion: Results indicate that significant differences in HRQOL between elders from the two areas and thus, confirm claims that welfare services for elders should be provided with consideration of the different needs of elders in the two areas, and in particular for addressing depression in elders.