This study aimed to synthesize the relationship between chronic anemia associated with various diseases and the clinical, economic, and quality of life (QoL) outcomes in elderly patients. Three systematic literature reviews (SLRs) were conducted in February 2019. The clinical SLR results were summarized through meta-analysis, whereas the economic and QoL SLRs were summarized qualitatively. The meta-analysis of clinical outcomes included 32 studies. Anemia was associated with a significantly increased risk of mortality (hazard ratio [HR] 1.63, 95% confidence interval [CI] 1.51–1.77), cardiac-related mortality (HR 1.47, 95% CI 1.29–1.68), and hospitalization (HR 1.53, 95% CI 1.24–1.88) compared with non-anemic elderly patients. Many studies were conducted among nursing home residents, whereas others were conducted in patients with pre-existing conditions (e.g. heart failure); findings were consistent across these studies. Sixteen studies reported QoL outcomes; the Activities of Daily Living (ADL) score was reported most frequently (n=8), along with the 36-item short form (n=5), the Mini-Mental State Examination (n=5), and the Geriatric Depression Score (n=4). More than half of the studies suggested that anemia worsened ADL, whereas 2 studies reported comparable ADL. Some studies suggested that anemia was associated with depression; however, the results varied depending on the scale used. Of the 4 studies with economic outcomes, 2 reported on direct costs and 3 reported on resource utilization. The largest driver of cost differences between anemia and non-anemia groups was hospitalization-related costs. Among those with comorbidities, the length of hospital stay was greater for anemic versus non-anemic patients. In the elderly, anemia was associated with worsened QoL and increased mortality, hospitalizations, and costs. These findings were consistent across disease areas. Limitations include inconsistencies in the QoL literature owing to differences in QoL measurement tools, and a scarce economic evidence base.