The aging of our cities is intensifying, and the cities face a high risk of severe damage from natural disasters. The elderly population is especially vulnerable to economic capacity and living conditions. However, previous research has not documented case studies of the elderly population in the context of climate justice. In this regard, this study found that the vulnerability of the elderly population increased in flooded areas of Gijang-gun in Busan in 2014. Based on correlation analysis, this study indicated that the elderly population has a weak economic capacity. In addition, there were several aging buildings in flooded areas, and the elderly population grew rapidly. Therefore, to enhance climate justice for the elderly population in flooded areas, policymakers should consider both economic status and residential environment.