The higher the social problems caused by the aging population, the higher the burden of living for the elderly, the higher the stress of life, the higher the loneliness, and the higher the incidence of disease, the easier it is to get depression. This study explored the significance of media use, cultural values, and participation in social activities of the elderly aged 65 or older on depression and psychological stability of the elderly. The results of the study showed that the worse the male elderly and their health condition, the more depressed they become. The more newspapers the old man uses, the less depressed he feels. The elderly men can feel more depressed if they put in cultural value power distance, uncertainty avoidance, collectivism, long-term orientation, and masculinity. The higher the participation in social activities, the less depression. The use of newspapers and the Internet has a positive effect on psychological stability. The elderly male have less psychological stability than the elderly female, and the better the economic situation, the higher the psychological stability. The higher the cultural value propensity, the weaker the psychological stability. This study provides basic data and academic implications for the mental health of the elderly.