Backgorunds: Heart Failure (HF) is an increasing global health problem which adversely affects health related quality of life (HRQoL). Although HF is often influenced by depression and functional status, little is known about their specific association in elderly patients with HF is rare in South Korea. Purpose : This study examines the impact of depression and functional status on HRQoL in elderly patients with HF. Method: A cross-sectional study design was used to obtain 134 HF patients 65 years of age and older who visited outpatient hospital clinics at Cheonan, South Korea. HRQoL measures used were Minnesota Living with Heart Failure questionnaire (LHFQ). Results: In hierarchical multiple regression analysis, HRQoL was independently affected by depression (棺=.442, p<.001) and functional status (棺=-.422, p<.001) after controlling for socio-demograhic and clinical factors. Depression and functional status explained about 24.2% of the variance in HRQoL of elderly patient with HF. Conclusions: Both depression and functional status impacted each HRQoL in elderly patients with HF. These findings emphasize the need for careful clinical screening of both depression and functional status in older patients with HF. Also, as HF is a progressive, deteriorating condition, psychosocial interventions, expecially those that target depression, might offer opportunities for improved HRQoL for HF patients. Key words: Elderly, Heart Failure, Quality of Life, Depression, Functional Status