Objectives: The purpose of this study was to systematically analyze and examine the relationship between the number of lost teeth and quality of life (QoL) among elderly. Methods: Papers published in Korean and English between 2000 and 2020 were searched. Relevant papers were selected by two independent readers according to predefined exclusion criteria. Quality assessment and consistency tests were conducted using ROBIS. Results: Twelve of the 854 studies were targeted, and the analysis confirmed that tooth loss was related to a decrease in the QoL in 11 studies. Tooth loss negatively affected the QoL among the elderly. However, one study indicated that the QoL and number of teeth were not related. Rather, dry mouth affected the QoL, and cavities caused by oral dryness led to tooth loss. Most of the selected studies indicated that the QoL of elderly individuals with a single tooth was higher than that of those with no teeth. Conclusions: This study provides strong evidence that tooth loss in the elderly is associated with impairment of QoL.