This study was conducted to examine level of depression and identify depression related factors of community aged. Data were collected from December, 10th, 2012 to Feburary, 31th 2013, and the participants were 308 community dwelling elderly in D, C, K city, Korea. The Data were analyzed by frequency analysis, chi-square test, t-test, and logistic regression of SPSS 18.0 program. The result were as follows; 1) The mean scores were 20.29(5.809) 2) The level of depression was significantly different according to age, education level, financial state, exercise, religion(p<0.05), while there were no difference at age, spouse, chronic disease. 3) Exercise and age variables were identified to affect elderly depression, which is that 75-84 aged group(Exp(B)=0.264) and more than 85 aged group(Exp(B)=0.945) were less depressed than 65-74 aged group. Exercise group was less depressed compare to non-exercise group(Exp(B)=0.294). According to these result, exercise based program or exercise mixed with various psycho-social variable verified have positive effect for elderly depression program should be developed and tested to manage elderly depression.