This study examined the relationship between household income and the nutritional status of adults aged 65 years and older using data from the Korea National Health and Nutrition Examination Survey 2020. A total of 1,346 elderly participants were categorized into four household income groups: low, mid-low, mid-high, and high. The variables analyzed included the general characteristics, food security status, daily nutrient intake, adequacy of nutrient intake, and biochemical health indicators. The findings revealed a strong link between a lower income and increased food insecurity. In the low-income group, 9.5% reported experiencing food shortages, 21.8% worried about running out of food, and 33.0% could not maintain a balanced diet due to financial constraints. These rates were significantly lower in the high-income group (0.7%, 0.7%, and 2.1%, respectively). Among older men in the low-income group, the intake adequacy for most nutrients was below the recommended levels. The calcium and vitamin A intakes met only 61% and 24% of the recommended level, respectively. The mean adequacy ratio for low-income men was also below the standard. Older women in the low-income group also showed the lowest adequacy for calcium and phosphorus. In conclusion, household income significantly affects food security and nutrient intake in older adults. In particular, older adults in low-income households tend to consume sufficient carbohydrates but are at high risk of micronutrient deficiencies, especially vitamins and minerals, highlighting the need for targeted nutritional interventions and policy support for this vulnerable group.