People aged 50 years and over often show nutritional vulnerability in South Asia, including Bangladesh. Consequently, they present physical weakness and illness that escalate overtime. Community-focused investigations have the potential to inform healthcare interventions in Bangladesh, but current studies examine older adults’ nutrition status which are not all-encompassing (e.g., wetland communities). We, therefore, assessed the malnutrition status among wetland community-dwelling older adults aged ≥50 years in Bangladesh. A cross-sectional survey was conducted with 400 older adults living in the north-eastern wetland community of the country through simple random sampling. Demographics and general health information were collected using a structured questionnaire, and the Nestlé Mini Nutrition Assessment—Short Form was used to assess nutrition status. Respondents’ socio-demographic and health profiles were assessed, and the Pearson Chi-square test was performed to identify the associated risk factors of malnutrition. The prevalence of malnutrition and risk of malnutrition were 59.75 and 39.75 percent, respectively. The malnutrition prevalence rate was higher with increasing of age and females were more malnourished than males. Age, gender, educational status, occupation, and income were significantly associated with the participants’ malnutrition. The wetland community-dwelling people suffering from sleep disorders and having poor health condition, were found to be more malnourished. The findings confirm that the prevalence of malnutrition and risk of malnutrition are high among the wetland community-dwelling people aged ≥50 years. Our findings suggest health professionals to implement public health nutrition surveillance and clinical interventions simultaneously in wetland elderly to improve nutritional status of this cohort.