Introduction: Good physical health, mental health and wellbeing are important factors in the lives of the aged. With this thought, this study wasaimed to assess and compare subjective wellbeing, perceived physical health problems and mental health status of elderly living with families in urban and rural areas, and to determine the relationship of subjective wellbeing with perceived physical health problems and mental health status. Methodology: This descriptive comparative study included 100 elderly from Moradabad, Uttar Pradesh. For measuring subjective well-being, Subjective Well-being Inventory (SUBI) by Sell and Nagpal (1992) was used and structured tool to assess perceived physical health problems and mental health status of elderly was developed. Data were interpreted by descriptive and inferential statistics. Results: Results revealed no significant difference between the subjective well-being of elderly living in urban and rural areas. The most common perceived physical  health problems among elderly in both urban and rural areas were general health problems, sensory (Eye, ear and nose) problems, cardiovascular problems, musculoskeletal problems. Both urban and rural elderly had fair mental health status and a significant negative correlation was found between subjective well-being and perceived physical health problems in both areas. Also, a significant positive correlation was found between subjective well-being and perceived mental health status of elderly living in urban and rural area 

Keywords: Subjective Wellbeing; Perceived Physical Health Problems; Mental Health Status.