This study aims to inquire the factors influencing daily life satisfaction in elderly with disability and suggest practical policy alternatives for improving their daily life satisfaction levels. The 8th PSED was used to classify 922 elderly people with disability aged 65 and over into the two groups, mild and severe disability. It is found that the daily life satisfaction in elderly with disability was associated with the common factors such as educational level, spouse, economic participation, income, assets, self-esteem, physical condition, helpers, and discrimination. Specifically, debt and income affect elders with severe disability, whereas assets, educational level, and helpers affect those with mild disability. In order to improve daily life satisfaction in elderly with disability, a variety of methods should be developed such as providing economic support, expanding emotional and psychosocial health services, and reducing discrimination. Economic support is a key to support elderly with severe disability, while asset building is critical for elderly with mild disability.