Active aging has been associated with both personal and social benefits. However, active aging encompasses a broad range of activities, including self-oriented and community-oriented ones. The aim of this study was to explore to what extent generativity is a key factor in differentiating between both types of activity, and to contribute to the theoretical and methodological literature on generativity as a multidimensional concept relevant to later life participation in certain activities related to an active style of living. A sample of 549 older adults who engaged in two types of self-oriented activity (leisure activities and students of University of the Third Age programs) and two types of community-oriented activity (formal volunteering and political activism) participated in this study. Following a mixed-method strategy, we administered several qualitative and quantitative measures of generativity, including generative concern, generative goals, and perceived cultural demand. Our results showed that participants who engaged in self-oriented and community-oriented activities differed on all dimensions of generativity. Differences in generativity were particularly high regarding cultural demand and future generative goals, which were far more frequently mentioned by political activists and volunteers than by university of the third age students and those pursuing leisure activities. Overall, our findings suggest that generativity plays a role in older adults’ participation in some (but not all) active aging activities in later life, and that our understanding of generativity in later life gains from a multidimensional assessment of the concept.