Objectives: With the accelerated aging of Chinese society, the demand for high-quality care services for the elderly population is rapidly increasing. In response, the Chinese government promotes the construction of home- and community-based elderly care (HCBEC) systems, which significantly influence the life satisfaction (LS) of this group. In this study, we analyzed the relationship between the accessibility of HCBEC and LS of the elderly population in China and further examined the underlying mechanisms. Methods: We analyzed data from the 2018 China Health and Retirement Longitudinal Study (CHARLS) using an ordered logit model. Results: HCBEC significantly enhanced the LS of the elderly population, with more pronounced positive effects observed among females, unmarried persons, rural dwellers, and those with chronic diseases or physical disabilities. These services also increase their satisfaction by enhancing accessibility to anticipated care and medical services. Conclusions: This study theoretically complements research on LS. The use of large-sample data analysis ensures the reliability of the results, providing practical implications for China's proactive response to population aging and policy, and enhancing the subjective well-being of the elderly population.