The most influential theories about positive aging highlighted subjective wellbeing as one of the crucial factors that concurs to its realization (Rowe, Khan, 1987; Freund, Baltes, 2002; Gerstorf, Smith, Baltes, 2006). Ryff e Keyes (1995) defined psychological well-being as a multidimensional construct including six dimensions: Autonomy, Environmental Mastery, Personal Growth, Positive relations with others, Purpose in life, Self-acceptance. Our study has investigated the characteristics and the level of psychological well-being of the elderly, the relation between psychological well-being and the following variables: coping styles, subjective evaluation of mental health. the influence exerted by sociodemographic variables (age, sex, level of education, structure of family, urban or extra-urban residence) on well-being. 142 subjects took part in the study (mean age, 73 years, 55 males, 80 females, 107 of the third age, 28 of the fourth age). Psychological well-being was predicted by control coping style, perceived mental health, family’s structure, age. This results encourages future researches of individual and active variables that may influence the level of well-being of the elderly, and their interactions with psychosocial and contextual factors.