There are very few studies that explain the life satisfaction of the elderly by considering both internal factors such as personality and social capital. Therefore, this study analyzed the relationship between personality, social capital, and life satisfaction among elderly Koreans. This study analyzed the survey data on Koreans' happiness and quality of life 2019. Participants included a total of 1280 elderly adults aged 60-79 years. A multiple hierarchical regression analysis indicated that higher health status was related to higher life satisfaction, while neuroticism was negatively related to life satisfaction. Of particular note, increased structural and cognitive social capital were associated with higher life satisfaction. However, income, financial problems, and extraversion were not related to life satisfaction. The total explanatory amount of the regression model was 38.5%. These findings suggest that researchers and clinicians should consider a combination of factors associated with both personality and social capital when aiming to improve life satisfaction for the elderly.