The aim of this study was to identify major factors related to global self-rated health among the community-dwelling elderly people in Korea using data from the 1994 Survey on the Living Status of Korean Elderly. The study subjects consisted of a nationally representative sample of 2,058 people aged 60 years or over living in the community. Results from multiple regression analysis showed poor self-rated health to be significantly associated with lower age, being of male gender, absence of a paid work, number of chronic illness, and poor physical and mental health. The influence of comorbidity and functional status in determining the elderly`s self-assessment of their health suggests the importance of health promotion and disease prevention activities in this population. A better understanding of factors related to self-rated health would help to improve older people`s assessment of their own health.