The aim of this study was to examine the relationships among psychological well-being, religiosity, self-compassion, and death anxiety in the elderly. A nonrandom and volunteer sample of 300 elderly people from Mehregan part-time elderly care center in Kermanshah, Iran participated in the study. The participants completed the Psychological Well-being (Ryff, 1989), the Self-Compassion Scale (Raes, Pommier, Neff & Gucht, 2011), the Muslim Attitudes toward Religion Scale (Wilde & Joseph, 1997) and the Death Anxiety Scale (Templer, 1970). Pearson correlation coefficient and stepwise regression were used to analyze the data. The results indicated that psychological well-being positively related to self-compassion and religiousness. The psychological well-being negatively related to death anxiety. The results of stepwise regression analysis indicated that over-identification, personal help, mindfulness, isolation, death anxiety, self-judging and Islamic rituals accounted for 59% of variances of psychological well-being. The findings suggested that psychological well-being in elderly people may be increased by strengthening self-compassion and religiosity and weakening death anxiety.