Mobility has been identified as having a key role in contributing to the well‐being of older adults. While existing studies have focused on the daily mobility of elderly people in a local context, relatively limited attention has been given to the translocal context of mobility of elderly migrants, who are increasingly involved in translocal mobility both physically and virtually. To fill this gap, focusing on the drifting elderly in China, this article examines the association between mobility and well‐being by integrating both local and translocal contexts. We deconstruct mobility into three forms: daily mobility within the host city, return mobility from the host city to the hometown, and virtual mobility which unifies local and translocal contexts. How these three forms of mobility relate to well‐being and the mediating role of both local and hometown social networks are investigated using structural equation models. The results indicate that daily mobility indirectly contributes to well‐being through the mediation of local social networks in the host city. Meanwhile, return mobility and virtual mobility have both direct and indirect positive effects on well‐being. Return mobility impacts well‐being mediated by hometown social networks, and virtual mobility contributes to well‐being through mediation by both daily mobility and hometown social networks. This article introduces a comprehensive translocal perspective, both physically and virtually, to the existing body of research, offering valuable insights into the intricate relationship between mobility and well‐being among elderly migrants.