This study focuses on the importance of voluntary community service provided by the elderly that is geared towards realizing a productive life for the elderly, and aims to propose the templates for managing and vitalizing voluntary community service of the elderly in recognition of the social environment in which rapid aging has become an agenda of great importance. Forthis study, a questionnaire was administered to 380 elderly people who were active on a regular basis as members of a variety of community service groups in the Jollabukdo area, and 352 questionnaire responses have been analyzed, using the SPSS 11.0 package program. Multiple Regression was used for computing impact of the four factors. The major findings of this study are as follows. First, this study delved into the effect elderly volunteers have on the satisfaction derived from community service. The results of this analysis has demonstrated that elderly women derive more satisfaction from community service than their male counterparts, and there was a positive correlation between age and satisfaction rates. Second, upon assessing the significance of the task appropriateness and task awareness, which are two factors that are related to volunteering, only task awareness turned out to be significant in regard to satisfaction rates. In other words, in the case of elderly volunteers, the more they are aware of the task in advance, the higher rates of satisfaction they derive from community service. Third, after assessing how interpersonal relationships affect satisfaction rates, it was found that the more stable the relationships with the management personnel, fellow volunteer workers, and those who are being served are, the higher the satisfaction rates are for the elderly. Fourth, of the factors in regard to voluntary community service, such as education, deployment, guidance and coaching, recognition and compensation, and assessment, the only statistically significant variable was that of recognition and compensation. Furthermore, it has been found that, with all the personal, activity-related, interpersonal, and management factors determining the satisfaction rate being taken into account, the variables that have the most significant effect on the satisfaction rates are religious faith, task awareness, the relationship with the management personnel, and financial benefits. Given the need to secure the elderly a productive life by way of increasing satisfaction in regard to their voluntary community service, the findings suggest that we should develop a variety of measures to enhance the participation of elderly women and the elderly of advanced age in voluntary community service, devise management methods procedurally geared to increasing the task awareness, and make an endeavor to implement practical measures based on an in-depth discussion on how to promote recognition and compensation and how to manage financial benefits.