Life satisfaction is an important indicator of general wellness, more significantly for older people. The aim of this study is to determine the predictors of life satisfaction in old age. The goal of this study is to provide an understanding of how various life factors affect the level of life satisfaction among older Filipinos in Northern Mindanao. The predictors used in this study were: age, gender, religion, locus of control (as intrinsic factors) and economic status, health, family structure, social relationship, activities of daily living and living arrangement (as extrinsic factors). In the current study, ten factors were used as predictors of life satisfaction. Each factor was hypothesized to be a useful predictor of life satisfaction of elderly population in Iligan City and Lanao del Norte Philippines. To test the hypothesis that the level of life satisfaction of the elderly population is a function of intrinsic and extrinsic factors, multiple regression analysis was performed. The research sample consisted of 118 older adults who were purposively selected. To collect the data, the Satisfaction with Life Scale (SWLS), Katz Index of Independence in Activities of Daily Living (ADL), a variation of Rotter’s Locus of Control Survey and the Multidimensional Scale of Perceived Social Support were used. Results reveal that the predictors of life satisfaction in elderly were Perceived Social Support, Level of Independence in ADL and Perceived Health Status. These variables explained 15.2% of the total variance. The major influencing factor was Perceived Social Support which necessarily provides preliminary evidence for a need to develop strategies to increase social support for the older adults. The results of the regression analysis provided confirmation for the research hypothesis that the level of life satisfaction of the elderly population is determined by intrinsic and extrinsic factors.