Purpose: The aim of this study is to examine a path model on the relationship among social capital, physical activity and subjective health status in the community indwelling elderly. Methods: The study was conducted utilizing the 2014 Seoul Survey, in the method of analyzing cross-sectional design and secondary data. Among 45,497 participants in total, the data of 4578 adults aged 65 or above was analyzed. Social capital was measured by social trust and social participation. Physical activity was measured by regular exercise. Additionally, a numerical rating scale was used to assess subjective health status. The data were analyzed using descriptive statistics, Pearson‘s correlation coefficients and path analysis. Results: Social participation and physical activity showed a direct effect on subjective health status in community indwelling elderly while social trust and physical activity showed an indirect effect on their subjective health status. The hypothetical path model of community indwelling elderly’s subjective health status was proved correct. Conclusion: Findings from this study indicate that health-promoting intervention for community indwelling elderly should consider social trust and participation.