The study examined whether income, depressive symptoms, and problem drinking might mediate the association between divorce and physical health. Also investigated was if gender might moderate the mediated associations. Prior research mainly focused on the effects of divorce on mental health. Also, relatively few studies have conceptualized divorce as a process instead of a single event. For analysis, data from the 7th wave of the Koran Welfare Panel Study were used. The analysis included 4,905 middle-aged men and women who were either married or divorced at the time of the survey. The analysis was conducted using PROCESS (A. F. Hayes, 2013) and mediation effects of income, depressive symptoms, and problem drinking and moderated mediation effects of gender were estimated in the divorce-heath linkages. Results showed that depressive symptoms and income mediated the relationship between divorce and physical health (utilization of outpatient care and duration of chronic disease). Problem drinking had no significant mediation effects. Gender did not moderate any of the mediated relationships. Divorced people were more likely to use outpatient care than married people, but there was no direct effect of divorce on duration of chronic disease.