The purpose of this study was to identify mediating effect of basic psychological needs between giving social support(GSS) and receiving social support(RSS)and subjective well-being(SWB) of the elderly in close relationships. Questionnaires were completed by 330 participants aged over 60 from Busan and Gyeongsangnam-do in South Korea including measuring degrees in GSS and RSS, BPN(autonomy, competence, relatedness), SWB. Results from mediating analyses showed that competence and relatedness had significant mediating effects on the relationship between GSS and SWB. However, there was no significant indirect effect on the relationship RSS and SWB. The effect of GSS differed slightly depending on the type of relationship. In the case of the family, there was partial mediation of competence and relatedness in the relationship between GSS and SWB, and direct effect between GSS and SWB. In the case of non-family, there was complete mediation of competence and relatedness in the relationship between GSS and SWB. This study’s results indicate the need to study psychological functions of GSS by showing the positive effect of GSS in the elderly.