Objective: To analyse the relationship between serum folate (SF), vitamin B 12 and impaired cognitive function in the Chilean elderly. Design: We analysed the relationships between impaired cognitive function and age, SF (µg/l) and vitamin B 12 (pg/ml) with Student's t test, as well as between impaired cognitive function and gender, educational level, residence area, diabetes and hypertension with the χ 2 test. Multiple logistic regressions with interactions were estimated to assess the impact of SF on impaired cognitive function according to these methods. Setting: Chile. Subjects: Older adults (>65 years, n 1051), drawn from representative households of a national prevalence study, assessed using the Modified Mini Mental Status Examination (MMMSE). Individuals with altered MMMSE scores (≤13 points) were sequentially assessed using the Pfeffer Functional Activities Questionnaire (PFAQ). Results: Multivariate models using the MMMSE demonstrated an increased risk of impaired cognitive function for seniors who had hypertension, diabetes and higher vitamin B 12 levels. SF and its square (SF 2 ) were statistically significant, indicating that this predictor of impaired cognitive function displays a U-shaped distribution. The interaction between SF and vitamin B 12 was not statistically significant. Models using the MMMSE plus PFAQ suggested that urban residence decreased the risk of impaired cognitive function, whereas male gender, older age, vitamin B 12 levels and hypertension increased this risk. The variables SF and SF 2 and the SF × vitamin B 12 interaction were statistically significant (P < 0.05). The risk of impaired cognitive function depended on different combinations of SF and vitamin B 12 levels. When SF was low, a one-unit increase in SF (1 µg/l) diminished the risk. When SF was elevated, a further increase in SF raised the risk, especially at low vitamin B 12 levels. Conclusions: The relationship between folate, vitamin B 12 and impaired cognitive function warrants further study.