This study analyzes how daily life time use of the retired elderly is related with their life satisfaction. A total of 225 retired elderly living in K, S, and Y cities were sampled and administered to a structured questionnaire. The collected data were analyzed by such statistical methods as reliability, frequency, mean, standard deviation, t-test, ANOVA, correlation and multiple regression. Some of the major findings are as follows: First, the retired elderly tend to spend more time for physiological activities and leisure, and retirees` life satisfaction is higher than madian. Second, the degree of retirees` life satisfaction is significant different in terms of living with spouse, gender, living state, former job, etc. Most of independent variables such as possession of own house, religion, health state, monthly living expenses, educational background, economic state, age, religion, audience, meal, participation and volunteer, interest, sleeping, work, exercise, household affairs. Third, The variables affecting retirees` life satisfaction were health, audience, household affairs, participation and volunteer, economic state, sleeping, monthly living expenses, interest, medical treatment, gender. It was found that retirees` life satisfaction can be explained almost 55% by these variables. The results of this study suggest that retirees` life satisfaction was effecting by time use.