The purpose of this study was to explore the relationship between the subjective consciousness and life satisfaction of the elderly, and to see how depression affects this relationship. This includes a new way of thinking about the causes of the elderly's life satisfaction, not only for individual factors, but also for subjective class consciousness. For this aim, we examine the degree of subjective class consciousness, life satisfaction and depression of the elderly, and verify mediation effects of depression between subjective class consciousness and life satisfaction. This study utilized data obtained from the 5th version of the Korea Longitudinal Study on Aging 2014, and considered data from 4,222 elderly aged 65 and over. As a means of study, a structural equation model analysis was conducted. The results were as follows: First, it was confirmed that the subjective class consciousness of the elderly may influence life satisfaction. It was also confirmed that the subjective class consciousness of the elderly also affected depression and life satisfaction among the elderly. When subjective class consciousness was high, depression was low and life satisfaction was high. When depression was low, life satisfaction was high. Second, depression had the mediation effect in which subjective class consciousness affects life satisfaction. Based on these results, this author suggests practical and political issues concerning social welfare to prevent and reduce depression and increase life satisfaction through improving the subjective class consciousness of the elderly. First, policy measures should enhance social capital through housing support policies and leisure use support to enhance the subjective class consciousness of the elderly. Second, the provision of services for the elderly through the establishment of a community-based network to reduce depression should be promoted.