OBJECTIVES: We examined the risk factors for subjective memory impairment in cognitively normal elderly. METHODS: One hundred fifty five cognitively normal elderly individuals with subjective memory impairment and 126 normal control subjects without subjective memory impairment were selected. All participants underwent clinical evaluation for dementia and clinical psychiatric disorder conformed to the Korean version of the Consortium to Establish a Registry for Alzheimer's Disease Assessment Packet and Korean version of Mini-International Neuropsychiatric Interview, respectively. Korean version of Geriatric Depression Scale-Revised was administered to evaluate depression. Subjective memory impairment was defined as 1) subjective memory complaint by the participant and/or the informants and 2) evidence of memory impairment. RESULTS: Depression [odds ratio (OR)=1.07, 95% confidence interval (CI)=1.03-1.10] and female (OR=2.27, 95% CI=1.17-4.39) significantly increased the risk of subjective memory impairment in cognitively normal elderly. CONCLUSION: Depression can be a risk factor of subjective memory impairment in cognitively normal elderly. The clinicians should be vigilant regarding the presence of depression when assessing the subjects with subjective memory complaint.