This study aimed to determine the prevalence and correlates of successful ageing in older community-dwelling adults in India. The cross-sectional sample included 21,343 individuals (≥ 65 years) from the Longitudinal Ageing Study in India (LASI) Wave 1 in 2017–2018. Successful ageing was assessed utilizing a multidimensional concept, including five components: (1) absence of major illness, (2) free of disability, (3) no major depressive disorder, (4) social engagement and (5) life satisfaction. Overall, 27.2% had successful ageing, including 83.3% had no major diseases, 51.0% free from disability, 91.8% had no major depressive disorder, 73.6% were socially engaged and 74.6% had high life satisfaction. In the adjusted logistic regression analysis, male sex (Adjusted Odds Ratio-AOR 1.40, 95% Confidence Interval-CI 1.21–1.26), married (AOR 1.48, 95% CI 1.22–1.79), having formal education (AOR 1.47, 95% CI 1.23–1.74), high subjective socioeconomic status (AOR 1.61, 95% CI 1.29–2.01), urban residence (AOR 1.42, 95% CI 1.19–1.70), Sikhs (AOR 1.76, 95% CI 1.38–2.24), high physical activity (AOR 1.65, 95% CI 1.38–1.97), and daily Yoga practice (AOR 1.34, 95% CI 1.11–1.61) increased the odds of successful ageing, while increasing age (AOR 0.96, 95% CI 0.94–0.79), poor childhood health (AOR: 0.47, 95% CI 0.29–0.75), and underweight (AOR 0.70, 95% CI 0.61–0.81) decreased the odds of successful ageing. Almost one in three older adults in India were successfully ageing. Factors associated with successful ageing included, male sex, married, having formal education, high subjective socioeconomic status, urban residence, Sikhs, physical activity, Yoga practice, younger age, good childhood health, and not having underweight.