Based on the data of China comprehensive social survey in 2015,the influence of comparison on the subjective well-being(SWB) of the elderly was tested and analyzed by using the standard ordered logistic model. The results show that:SWB is a comparative concept with the emphasis on comparison. Social comparison,and temporal comparison impose a significant positive impact on the SWB of the elderly. Contrast effect is the psychological mechanism to explain the SWB of the elderly. The impact of temporal comparison on the SWB of the elderly is heterogeneous,which can be illustrated by the evidence that SWB is more influential to the elderly who are psychologically unhealthy,prolific,economically dominant in family or less-educated. Macro institutional factors like life security and social equity also have a significant impact on the SWB of the elderly. Therefore,it is proposed to promote the continuing education and reemployment of the elderly to enhance their sense of gain,to strengthen the construction of people’s livelihood for the enrichment of the spiritual and cultural life of the elderly,to focus on vulnerable groups among the elderly through policy inclination and humanistic care,and to reinforce the macro-system construction like life security and social equity.