Purpose: This study was conducted to investigate the prevalence and correlates of depression among community-dwelling older adults (young-old vs old-old) in Korea. Methods: Data on 11,250 older adults aged 65 or above, from the 2008 National Elderly Survey, were analyzed. Results: Prevalence rate for depression was greater in old-old people (47.2%) than young-old people (24.7%). The logistic regression analysis revealed that gender, education, socioeconomic status (SES), living place, spouse, regular exercise, perceived health status, number of chronic disease, activity of daily living (ADL), instrumental activity of daily living (IADL), and cognitive function were significantly associated with depression in the young-old. However, in old-old people, education, SES, living status, religion, regular exercise, perceived health status, number of chronic disease, pain, ADL, IADL, and cognitive function were associated with depression. Conclusion: The findings indicate that there are age differences in prevalence and correlates of depression in older Koreans. Therefore, age differences should be considered in studying and developing interventions for depression in older adults.