This study evaluates the quality of life (QOL) for elderly community residents on both health-related and subjective QOLs, while comparing QOL-related factors between so-called “younger old” (residents in the age bracket of 65-74) and “older old” (those in that of 75 and over) in regard to QOL-related factors. Questionnaires were distributed to 929 residents in both age groups who affiliated themselves with a senior citizens’ club in City “K” in 2009. Data on 596 persons were analyzed in this study. Results pertinent to basic attributes, health status, lifestyle habits, social exchange, and QOL were analyzed in a multivariate method. Among residents in the age bracket of 65-74, the subjective sense of well-being, the frequency of going out, gender, the frequency of conversations with neighbors, financial security, and bedtime hours were looked upon as factors contributory to improvements in QOL, whereas low back pain, the frequency of mutual support among neighbors, high GDS scores, personal activities, and numbness were taken in as factors deteriorative to QOL. Among the over-75s, the subjective sense of well-being, cardiac disorders, and financial security were regarded as factors contributory to improvements in QOL, whereas low back pains and cardiac disorders were looked upon as factors deteriorative to QOL. To improve the elderly’s QOL, it is considered essential to step up their efforts to manage and relieve depression and low back pains.