Previous studies have examined an association between depression and socioeconomic factors such as education, economic status, and social support among older adults. It is widely acknowledged that socioeconomic status (SES) plays a pivotal role in the manifestationof depression. However, subjective social status (SSS) representing the subjective perception of the accumulation of life experiences andthe associated deprivation may hold even greater importance in older adults. Especially, some statistics in Korea show that most peopleare likely to consider themselves in middle class regardless of their objective financial status. Therefore, the objective of this study is toexamine whether subjective social status is associated with depression in later life as well as how participation in formal social activitiesmediate this association. Multiple regression analyses and Baron & Kenny (1986) analytical approach were applied using a data from the2020 Korean Longitudinal Study of Ageing. A selected sample includes those who are aged 65 and older (n= 4,405). Results show thatthere is a negative association between SSS and depression. SSS was positively associated with formal social activities. Additionally, participationin formal social activities partially mediates the relationship between the SSS and depression. Findings have implications for promotingan opportunity for older adults to participate in some formal types of social participation. Furthermore, additional research investigatingthe factors that can augment SSS should be warranted.