The purpose of this study is, by using the demographic variables, to identify self-efficacy, social support, and quality of life of the elderly with depression and to assess the impacts of these factors upon their quality of life. By analyzing the factors which have an impact upon the life quality of the elderly with depression, this study aims to provide important information which help understand them, and to find out what kind of care is necessary for their happy and satisfactory life. The study took purposive sampling and survey of 215 people among the elderly with depression who were under care of the outpatient clinics, day hospitals, and mental health clinics located in Seoul and Kyunggi Province, Korea. This study was conducted from November 10th to 20th, 2008 and the data were collected using the questionnaires of self-efficacy, social support, and quality of life scales. Using a SPSS/WIN 15.0 program, the analysis of the data showed the following results. First, among the demographic characteristics, the elderly with depression who were male, had spouse, higher education, no public assistance, shorter period of depression, and were healthy turned out to have higher self-efficacy. In terms of social support, the participants who had higher education, no public assistance, and were healthy turned out to have more social support. Further, in terms of quality of life, the variables of spouse, public assistance, period of depression, and health condition were statistically significant. Second, as a result of hierarchical regression, it appeared that the elderly with depression, who had higher self-efficacy, more social support, spouse, good health, no public assistance, and shorter period of depression, turned out to have higher quality of life. Based on the study findings, the implications of social work practice, policy, and future research were discussed.