Objective To investigate the impact of different treatment options on lumbar function, pain intensity, and anterior vertebral height in elderly patients with thoracolumbar vertebral compression fractures. Methods The clinical data of 102 elderly patients with thoracolumbar vertebral compression fractures who completed 1-year follow-up were retrospectively analyzed. They were divided into conservative group (32 cases), percutaneous kyphoplasty (PKP) group (35 cases), and percutaneous vertebroplasty (PVP) group (35 cases) based on different treatment options. One year after treatment, the clinical efficacy and complications of the three groups were evaluated. The Visual Analogue Scale (VAS) score, Japanese Orthopedic Association (JOA) score, Cobb angle, and anterior vertebral height were compared before and 1 year after treatment among the three groups. Results The excellent and good rates of the PKP group and PVP group were higher than those of the conservative group (P < 0.05). There was no significant difference in the excellent and good rates between the PKP group and PVP group (P>0.05). There was no significant difference in occurrence of complications among the three groups (P>0.05). One year after treatment, the VAS scores of the three groups were lower than before treatment, and the JOA scores were higher than before treatment, and the VAS scores of the PKP group and PVP group were lower than those of the conservative group, and the JOA scores were higher than those of the conservative group (P < 0.05). The VAS score of the PKP group was lower than that of the PVP group, and the JOA score was higher than that of the PVP group (P < 0.05). One year after treatment, the Cobb angles of the three groups were smaller than before treatment, and the anterior vertebral heights were higher than before treatment, and the Cobb angles of the PKP group and PVP group were smaller than those of the conservative group, and the anterior vertebral heights were higher than those of the conservative group (P < 0.05). The Cobb angle of the PKP group was smaller than that of the PVP group, and the anterior vertebral height was higher than that of the PVP group, the difference in anterior vertebral height was greater than that of the PVP group (P < 0.05). Conclusion Compared with conservative treatment, surgery can improve the clinical efficacy of elderly patients with thoracolumbar vertebral compression fractures. PKP is superior to PVP in reducing pain of patients, improving lumbar function and Cobb angle, and anterior vertebral height. Moreover, it has better safety.