The purpose of this study was to examine the religious belief of the elderly women in Hong Kong and how their life satisfaction and depressive symptoms were related to various dimensions of religiosity. Data based on a community sample of older women (N = 180, mean age = 74.2 years) indicated that majority of them (56.7%) reported beliefs in folk religion and ancestor worship. The Catholics and Buddhists appeared to enjoy a better mental health status than did the Protestants, which seemed to be mediated by better family supports and physical health condition. Objective measure of attendance at religious activities was not related to psychological well-being. In contrast, subjective feelings that religious faith was a source of strength and comfort, and that it would help in times of difficulty were significantly associated with psychological well-being.