As the global elderly population rapidly increases, the mental health of the elderly, particularly depression, has emerged as a significant social issue. This study analyzes the various factors influencing depression in the elderly based on the ICF model. Utilizing data from the Korea Welfare Panel Study, the study identifies the types of changes in depression among individuals aged 65 and older and examines the factors influencing these changes. This longitudinal secondary data analysis research uses the most recent three years of data (2021-2023) from the Korea Welfare Panel. The study sample consisted of 965 elderly individuals, and a latent class growth model was applied to identify the types of depression changes, while a multinomial logistic regression analysis was conducted to analyze the influencing factors. The analysis revealed that elderly depression could be categorized into four types: high-level decrease, high-level maintenance, low-level increase, and low-level maintenance. Main influencing factors included gender, age, education, poverty, social trust, social relationships, participation in economic activities, participation in religious activities, and health status. Particularly, social relationships and health status were significant factors affecting the types of depression changes. To mitigate depression in the elderly, a multifaceted approach considering both individual characteristics and social relationships and health status is required. The study suggests the development of community-based programs and trust-building activities at the community level to maintain and strengthen the social relationships of the elderly. These findings can serve as important foundational data for policies and practices aimed at improving the mental health of the elderly.