Aim Most elderly people live with one or more health problems and their quality of life is affected. This study aimed to compare life satisfaction of elderly people living with common chronic medical illness compared with those without these health conditions in order to identify conditions that most affect life satisfaction of elderly people living in the community. Method The data was collected by a questionnaire survey of 529 elderly living in community dwellings of Macau using a single measure of life satisfaction and self-reported common chronic medical illness diagnosed by a physician. A purposeful stratified random sampling method was used. Independent sample t-tests were conducted to compare participants who had a health condition to those without a health condition. Results Respondents who indicated the lowest life satisfaction were those with fracture after the age of 60, eye illness, chronic bronchitis/emphysema, and metabolic arthritis/arthritis. For men, prostate problems was also significantly related to low life satisfaction. Conclusion Lowest life satisfaction was reported among Macau elderly people living with mobility related chronic medical illness. Policies and practices should pay more attention to mobility related health problems or issues of elderly people, such as eye health and neuromuscular weaknesses.