Background: In thoracoscopic surgery under spontaneous respiration, patients could breathe spontaneously during surgery without the need for mechanical ventilation via tracheal intubation. This technique can effectively avoid the injuries caused by tracheal intubation and mechanical ventilation and the side effects of muscle relaxants, thus reducing postoperative complications and benefitting patients. This study aims to explore the application of thoracoscopic surgery under spontaneous respiration in the elderly with primary spontaneous pneumothorax (PSP) and its effect on inflammatory indices and postoperative complications. Methods: The medical records of 181 elderly patients with PSP who underwent thoracoscopic surgery in our hospital from June 2021 to June 2022 were chosen for retrospective analysis. After excluding 15 patients who did not meet inclusion criteria, 80 patients receiving spontaneous respiration via laryngeal mask ventilation were included in the study group and 86 patients undergoing pulmonary ventilation via single-lumen tracheal intubation were included in the control group in accordance with the different schemes used in the surgery. Preoperative anaesthesia induction, surgical and hospitalisation times were compared, and the haemodynamics and inflammatory indices and complication incidences of the two groups were analysed. Results: Recovery time and hospitalisation time significantly differed between the two groups (p < 0.001). Compared with the control group, the study group had significantly lower mean arterial pressure at T2 and faster heart rates at T2 and T3 (p < 0.001). At T5, T6 and T7, the levels of interleukin-6, interleukin-8 and C-reactive protein in the study group were significantly lower than those in the control group (p < 0.05). The incidence of intraoperative and postoperative complications did not significantly differ between the two groups (p > 0.05). Conclusion: Thoracoscopic surgery under spontaneous respiration is safe and effective in the treatment of elderly patients with PSP. It reduces the levels of inflammatory factors and accelerates postoperative rehabilitation, showing certain value for clinical promotion.