Although there are a number of studies reporting the efficacy of cognitive-behavioral therapy for panic disorder in younger patients, such studies are lacking for older adults. This study used a subject sample (N = 20; 5 dropouts, 15 completers) of self-referred, community-dwelling older adults who met DSM-III-R criteria for panic disorder. Ten sessions of cognitive-behavioral therapy were provided over a 12-week period. Cognitive, behavioral, physiological, affective, and global domains (dimensions) were assessed by self-report measures. Statistically significant results of pretreatment, posttreatment, and 3-month follow-up means were found across domains, suggesting that treatment was efficacious.