Objectives: There are inconsistent results about relationships among the subjective memory complaints(SMC), objective memory functions, and depression. The Authors tried to examine the association of subjective memory complaints in the elderly with objective cognitive functions, depression and other demographic variables such as sex, age, and education. Methods: Total 175 participants living in the asylum for the aged had completed CERAD-K(the Korean version of the Consortium to Establish a Registry for Alzheimer`s Disease) to evaluate neuropsychological function. All of them were evaluated by four specific questions about everyday memory function. Symptoms of depression were evaluated by SGDS-K(Short Geriatric Depression Scale of Korean version). We divided the elderly into two groups(SMC+ group, SMC- group) to evaluate the differences in cognitive function and depression. Results: 109(62.3%) of the subject acknowledged having trouble with their memory. Memory decline and cognitive decline were associated with SMC. SMC+ group scored significantly lower on word delayed recall test than SMC- group, especially. Age, sex and education were significantly associated with SMC in total subject but not education in non-demented subject. Total score of SMC was explained partly by word delayed recall and depression variables in non-demented subject. Conclusion: This study suggested that association between SMC and objective memory function had clinical implication that SMC was a significant part of MCI criteria associated with early stage of Alzheimer`s Disease.