The purpose of the current study was to meta-analytically investigate the psychological impacts of physical activity for the elderly population in Korea. The findings from 21 studies, using the comprehensive meta-analysis (CMA) program, indicated that participation in physical activity had a low, but meaningful, impact on the subjective well-being of elderly individuals. Of three exercise dose components, the duration of physical activity was the most influential, followed by the frequency and intensity of the physical activity. Of six subjective well-being measures, self-efficacy was most strongly associated with physical activity, followed by life satisfaction, leisure satisfaction, exercise satisfaction, successful aging, and happiness. Results of moderator analyses indicated that the influence of physical activity became more pronounced as the proportion of males increased. Meanwhile, of the three exercise dose components, only the relationship between the duration and subjective well-being was influenced as the percentage of participants without a spouse or partner increased. Overall, regular participation in physical activity is an effective way of promoting subjective well-being among older adults in Korea. Relevant guidelines regarding physical activity prescription and behavioral management strategies are discussed.