Background: The study aimed to identify the differences in self-rated health (SRH) and the factors associated with poor SRH among older women who live alone, based on their sociodemographic and health characteristics. Methods: The sample consisted of 812 older women living alone and was obtained from the Seventh Korean National Health and Nutrition Examination Survey (Ⅶ-1, Ⅶ-2, Ⅶ-3). Complex sample analysis was performed using the independent t-test, the Chi-square test, and multiple logistic regression in SPSS/WIN 24.0 program. Results: The study found that SRH status in older women living alone differed according to age, education level, income, occupation, walking practices, sleeping hours, perceived stress, experiencing depression, diabetes, arthritis, and restrictions in daily functions. As the factors associated with poor SRH among older women living alone, a lower education level (OR = 1.89, CI = 1.19–3.02), higher perceived stress (OR = 4.92, CI = 1.84–13.16), experiencing arthritis (OR = 1.52, CI = 1.07–2.16), and higher restrictions in functioning (OR = 6.20, CI = 4.01–9.59) increased the likelihood of rating the poor SRH. Conclusion: SRH is an indicator of overall health status, and physical, psychological, and economic factors affect each other. Therefore, it is necessary to develop effective health education and intervention programs for vulnerable groups, including older women living alone with poor SRH.