Background and Objective: Overweight or obesity, as an independent risk factor for chronic diseases, has been on the rise globally. Adopting a healthy lifestyle is positive to weight control. Mobile-based lifestyle interventions have shown potential benefits in weight loss, but most studies were carried out among non-elderly population, so it is necessary to perform well-designed randomized controlled trials among the elderly with overweight or obesity. The purpose of this study is to assess the effect of mobile-based lifestyle intervention on weight loss among the overweight and obese elderly population in China. Methods: This is a prospective, open-labeled, three-month, multicenter, randomized controlled trial involving 750 participants from five cities who were randomly assigned to dietary and physical activity interventions group (DPG; mobile phone with the App and bracelet), physical activity interventions group (PG; mobile phone with the App and bracelet) and control group (CG; no interventions and kept their lifestyle as before). The outcomes evaluated were changes in weight, body mass index (BMI), waist circumference (WC), and hip circumference (HC). Results: In total, 642 (85.6%) participants completed the study, 237 (94.8%), 203 (81.2%), and 202 (80.8%) for DPG, PG, and CG respectively. Comparing with PG and CG, the DPG showed a significant decrease in all outcomes after three months, including body weight (−4.1 kg vs. −1.0 kg; −4.1 kg vs. −0.8 kg; p < 0.05), BMI (−1.6 kg/m2 vs. −0.4 kg/m2; −1.6 kg/m2 vs. −0.3 kg/m2; p < 0.05), WC (−2.8 cm vs. −0.1 cm; −2.8 cm vs. −0.5 cm; p < 0.05), and HC (−3.8 cm vs. −1.3 cm; −3.8 cm vs. −1.3 cm; p < 0.05). Similar effects were seen across sex and BMI subgroups. Conclusions: Mobile-based lifestyle intervention obtained beneficial effect in weight loss among the elderly with overweight or obesity. Nevertheless, further studies are needed to confirm the effectiveness and its sustainability.