Purpose: The aim of this study was to identify differences and influencing factors in the level of life satisfaction among the urban community-dwelling elderly by age group. Methods: The study was conducted utilizing the secondary data of 2017 Seoul Survey in a cross-sectional design. Of 42,688 participants in total, the data of 7,927 adults aged 65 or older were analyzed. The data were analyzed using descriptive statistics, independent t-test, chi-square test, Pearson’s correlation coefficients, and multiple linear regression. Results: There were significant differences between age groups, and it was found that the old elderly groups had significantly higher life satisfaction than the oldest elderly group (t=8.37, p<.011). In common, family and community factors influencing life satisfaction in the two age groups were companion animals (old elderly: β=.03, p=.002; oldest elderly: β=.06, p=.021), social network (old elderly: β=.10, p<.001; oldest elderly: β=.08, p=.008), and social support (old elderly: β=.05, p<.001; oldest elderly: β=.08, p=.005). Conclusion Based on these results, social welfare and nursing care services focusing on social capital and age group-specific interventions are needed to improve life satisfaction of the elderly. This study might provide the possibility and evidence for a program to improve life satisfaction for the urban community-dwelling elderly, including social capital elements.