This paper combs the relevant theories that guide constructing the indicator system of the elderly’s life quality，proposes that the construction of the indicator system of the elderly’s life quality should be based on the principles of combination of scientific and practical，objective and subjective，and multidisciplinary perspective，and clarifies the indicator system of the elderly’s life quality should be in social policy orientation，including objective and subjective indicators. Further，the expert consultation method is used to tentatively construct an indicator system of the elderly’s life quality composed of five dimensions and thirteen specific indicators. The five dimensions are health situation，economic status，living environment，mental health and subjective feelings. The thirteen indicators are the incidence of chronic diseases，the incidence of disability，the incidence of depression，the incidence of loneliness，annual per capita income，the rate of room ownership in which people live alone，residential suitable ageing rate，the rate of participating leisure activities，self-evaluation of health，self-evaluation of economic situation，satisfaction of housing，children’s filial piety，and subjective well-being. Finally，the weight of the five dimensions and the thirteen indicators is determined by the Analytic Hierarchy Process.