<b><i>Introduction:</i></b> The COVID-19 pandemic has affected people’s lives and caused changes in habits. The World Health Organization recommends social isolation as a way of minimizing the risk of contagion of the disease. <b><i>Objective:</i></b> The aim of the study was to assess the impact of social isolation due to COVID-19 pandemic on the physical and mental health of older adults and to investigate how anthropometric, functional, and clinical aspects are associated with this process. <b><i>Methods:</i></b> Fifty healthy older adults were followed-up during 5 months. The subjects had their physical and mental health assessed during social isolation (pre-vaccine situation) and after the opening of stores and activities in the municipality (post-vaccine situation). Physical evaluation was performed using the 30-s sit and stand test. Participants’ mental health was assessed with the Geriatric Depression Scale and the Loneliness Index. In this methodological design, muscle strength, depressive symptoms, and loneliness index were subject to pre-post analyses. In addition, these variables were included as outcomes in linear regression models. Participants’ anthropometric, functional, and clinical factors were included as predictors of the statistical model. <b><i>Results:</i></b> Participants’ scores at baseline were consistent with mild depressive symptoms and low loneliness. The muscle strength of the subjects was appropriate to their ages. After 5 months of social isolation, all variables declined, but with statistical significance only for depressive symptoms (<i>p</i> = 0.017, effect size of 0.11). Anthropometric, functional, and clinical factors explained 42.8% of depressive symptoms, 22.3% of loneliness, and 30.2% of muscle strength in the elderly. <b><i>Discussion/Conclusion:</i></b> Older adults presented baseline scores consistent with mild depressive symptoms and low loneliness. The muscular strength of the subjects was appropriate for their ages. After 5 months of social isolation, all variables declined. Anthropometric, functional, and clinical factors explained a substantial part of the depressive symptoms, loneliness, and muscular strength in the elderly. Health care professionals should be aware of performing a wide assessment in subjects’ lives to ensure better health status.