Based on the research data of Liaoning province and constructing logistic econometric model, it studies the influencing factors of retried athletes' life satisfaction with Amartya.Sen' capability theory. The result shows that five instrumental freedoms have great impact on retired athletes' life satisfaction, including rights security, political freedom, economic situation, social mechanism, transparency assurance, protective security. It puts forwards suggestions: optimizing the retired athletes' security policy, building up security policy idea based on capability and focusing on the athletes' development; setting up available right expressing channels to ensure retired athletes' rights; perfecting retirement compensation mechanism and building up retired athletes' economy foundation; improving human capital investment and accumulation to provide more chances for retired athletes; developing the supportive function to achieve maximum effectiveness of help resources; perfecting social security system and enhancing retired athletes' protective security.