Purpose: The purpose of this study was to develop and test the psychometric properties of the newly developed instrument, Meaning in Life, forelderly Korean people. Methods: Ten older adults participated in the qualitative research used to develop the initial items. Participants for thepsychometric testing were 371 community-dwelling older adults. Validity and reliability analyses included content, construct, and criterion-relatedvalidities, internal consistency, and test-retest reliability. Results: The Meaning in Life Scale consisted of 12 items with three distinct factors; valueof life, source of life, and will to live, which explained 86.7% of the total variance. A three-factor structure was validated by confirmatory factoranalysis. Criterion-related validity was supported by comparison with the Purpose in Life Test (r=.74). Reliabilities were secured with test-retestreliability of Intra-class Correlation Coefficient (ICC) .85 and the Cronbach’s alpha coefficient .90. Conclusion: The results of this study indicatethat this instrument is useful to measure meaning in life in Korean elders.