This study examined physical activity and health-related factors affecting Health-Related Quality of Life (HRQoL) in older adults with lower educational levels. Methods: Data were obtained from the Seventh Korea National Health and Nutrition Examination Survey (Ⅶ-1, 2016; Ⅶ-2, 2017). The sample consisted of 2,985 individuals aged 65 years or older, and the focus was on 1,788 older adults with low educational levels. The data were analyzed using an independent t-test, x 2 test, and hierarchical multiple linear regression using the SPSS/WIN 24.0 program. Results: The results of the hierarchical multiple regression analysis showed that subjective perceived health, cognitive stress, number of chronic diseases, and daily activity explained 25% of the variance in HRQoL after controlling for age and gender. In final model, physical activity types explained an additional 1% of the variance in HRQoL; walking was a significant predictor. Especially, among the various physical activity types, walking proved important for HRQoL. While aerobic exercise and strength exercise were associated with health status, in the hierarchical multiple regression analysis, they did not have an impact on HRQoL. Conclusion: A walking-centric health care program to improve physical activity should be considered for HRQoL improvement in older adults with lower educational levels. Further research should consider how aerobic exercise and strength exercise could contribute to HRQoL improvement in this population.