(1) Background: Multimorbidity, defined as the occurrence of two or more chronic diseases, is a global public health problem which has a significant negative impact on individuals, families and the society. The aim of this study was to evaluate the association between overweight, obesity and the prevalence of multimorbidity among male and female older adults; (2) Methods: Cross-sectional data of the 7070 participants from China, aged 60 years and above included in 2017 the Shandong Elderly Family Health Service Survey were analyzed. Multivariate logistic regression analysis was used to examine the relationship between overweight, obesity and the prevalence of multimorbidity in males and females; (3) Results: Among the 7070 participants, of which 40.25% were males and 59.75% were females, the average age of all participants was (69.81 ± 6.45) years old. The prevalence of multimorbidity in older adults was 34.71%, and the overweight and obesity rates were 39.25% and 16.89%. Among the male elderly, the likelihood of multimorbidity was more than two times higher among the obese than the normal BMI population (OR: 2.14; 95%CI: 1.63–2.82). A less strong association was found in the overweight male older population (OR: 1.43; 95%CI: 1.18–1.74). In the females, compared with individuals with normal BMI, the risks for incident multimorbidity were high in the overweight and obese groups, with odds ratios of 1.42 (95%CI: 1.21–1.65) and 1.81 (95%CI: 1.51–2.17), respectively. (4) Conclusions: In this study, overweight and obesity had the strongest association with the prevalence of multimorbidity among Chinese older adults, and the associations were different between the male and female elderly. The prevalence of multimorbidity might be effectively prevented by controlling body mass index. Encouraging the elderly to eat the recommended amount of vegetables and fruits, walk at least 30 min a day and have enough sleep to maintain a healthy weight.