This study determined the mental health condition and psychological well-being of older people in the Province of Iloilo, Philippines. A total of two-hundred sixty four older people served as respondents of the study, which constituted 20% of the 1,308 total populations of older people in 8 identified areas. They were classified as young-old (60-70), middle-old (71-80), and old-old (81 and above). Mental health is state of mind functioning at a satisfactory level of emotional and behavioral adjustment characterized by the absence of mental health problems. While, psychological well-being has been examined as an indicator of successful adaptation in life as having the capacity for self-determination, positive evaluation of oneself and one's life, and effectively manage one's life and the surrounding environment. The results show that older people have good mental condition and were rated fair in psychological well-being and is significantly correlated to psychological well-being (Gamma = 0.267, p = 0.030). A good mental health implies that the older people have the ability to make good life choices, maintain physical health and well-being, and having healthy relationships. Thus, the mental health of the older people is fundamental to good health, better well-being, and improved quality of life. Recommendations include improving mental health promotion strategies, increasing physical activity and educational opportunities, enhancing social policy initiatives, particularly for older women, fostering collaboration between different sectors through active partnerships and exchange networks, and improving access to and quality mental health services for older people.