ABSTRACT Pet ownership is associated with reduced deterioration in physical and cognitive function as older adults age. To date, little research focuses on whether the degree of attachment to the pet is related to the rate of deterioration in these functions. We examined the relationship of pet, dog, and cat attachment to changes in physical and cognitive function among 214 pet-owning, generally healthy, community-dwelling adults aged 50–100 years (M = 68.0, SD = 7.8) from the Baltimore Longitudinal Study of Aging (BLSA). Pet attachment was assessed using the pet ownership module administered during a regularly scheduled BLSA visit. Physical and cognitive assessments were administered every 1–4 years over 1–13 years (M = 7.5, SD = 3.6), including 400-meter walk time, usual and rapid-gait speed, Health ABC Physical Performance Battery, SF-12 Physical Component Score, California Verbal Learning (Immediate, Short, Long recall), Benton Visual Retention, Trail-Making (Trails A, B, B-A), Digit Span, Boston Naming (Naming), and Digit Symbol Substitution (Digit Symbol) Tests. In linear mixed models, controlling for age and comorbidities, greater pet attachment was associated with slower deterioration in physical performance (p = 0.009), usual-gait speed (p < 0.001), rapid-gait speed (p = 0.002), and executive function (Trails B: p = 0.005 and Trails B-A: p < 0.001), and faster deterioration in long-term recall (p < 0.001). Among dog owners (n = 121), a higher attachment was associated with slower deterioration in attention (Trails A: p = 0.046) and faster deterioration in short- (p = 0.025) and long-term (p = 0.019) recall. Among cat owners (n = 100), higher attachment was associated with a slower decline in physical wellbeing (p = 0.035). We provide important longitudinal evidence that pet attachment is differentially associated with the rate of decline in function older adults experience as they age and that attachment to different types of pets may have a different relationship to rates of decline. Potential explanations for these differences are proposed.