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Introduction: The growth in aging population is a society major advance but also entails many challenges, imposing the need for actions promoting successful aging, with higher subjective well-being and better health. Objectives: To analyse how self-compassion, satisfaction with life, affect, physical and mental health are associated in advanced age, controlling for the effect of sex, age, schooling, place of residence and type of participants’ social response. Additionally, this study sought out to explore the variables that better predict satisfaction with life and health in the elderly. Method: The study sample included 155 individuals, aged between 65 and 94 years old, from Coimbra and Leiria districts. Participants completed a set of instruments in an interview format. Results: 1) Age, schooling and place of residence were significantly correlated in the expected direction with physical and mental health, as well as positive affect. Participants’ type of social response was associated with almost all variables. In general, the elderly living at their own home had a higher satisfaction with life, better physical and mental health, more compassionate traits, and more positive affect, when compared to those attending a social response; 2) Significant associations in the expected direction were also found between self-compassion, subjective well-being and health; 3) Greater life satisfaction and younger age were the best predictors of physical health; mental health was best predicted by increased satisfaction with life, self-compassion and decreased negative affect; and, finally, life satisfaction was predicted by a better physical health and by self-compassion. Conclusions: Results suggest the relevance of developing psychological competencies allowing the elderly to deal with the suffering resulting from difficult/painful moments that may characterize advanced age in a more warmth, tolerant and accepting way. Thus, compassion focused therapies may be beneficial for this specific population aiming the promotion of satisfaction with life and mental health.