To find the prevalence of depression among elderly population of urban slum of Cuttack and to study its association with sociodemographic factors, comorbidities, and various life events and also to explore the mental health needs of the study subjects as perceived by them. It was a cross-sectional study carried out in the urban slum, Jobra of Cuttack city in Odisha. Simple random sampling was done using random number table to select the study subjects. Predesigned pretested questionnaire including Geriatric Depression Scale, Lawton's Instrumental Activities of Daily Living, and Katz Index of Independence in Activities of Daily living and questions on important life events including their perceptions regarding existing mental health services were used for data collection. Data were analyzed using SPSS, and binary logistic analysis was done to find the independent determinants of severe depression among elderly. Out of 354 study subjects, 249 (70.3%) were males. Depression in severe and mild form was present among 44.9% and 36.2%, respectively. Independent risk factors of severe depression by multiple logistic regression analysis were low socioeconomic class, female gender, diabetes mellitus, hypertension, death in family members, conflicts in family, and chronic illness in family members. The prevalence of depression among the elderly in the urban slum was close to 80% with 45% being at risk of severe depression. Females from low socioeconomic class with comorbidities and having life stressors need to be screened regularly in the community level, and facility for counseling should be provided to them.