Objectives: The purpose of this study was to identify factors(perceived health and social support) affecting social capital formation of the elderly. Methods: Samples consisted of 184 people aged over 65 years old in one county of Kyungsangbukdo. Data were analyzed with t-test, ANOVA and regression analysis. Results: First, social support(both emotional support and instrumental support) were significantly different by economic status. Secondly, regression analysis showed that perceived health affected a positive influence on social capital in Model1, which analyzed only perceived health. However, Model2, which analyzed perceived health and social support(emotional support, instrumental support) at the same time, showed that only instrumental support affected social capital formation. Conclusions: It was suggested to develop customized health promotion and job creation are required for social capital formation of the elderly.