The economic status of the elderly is not only related to the improvement of the elderly people's individual life quality，but also to the realization of building a well-off society in an all-round way. Hence，it is of great significance to have a comprehensive grasp of the income and consumption of the urban-rural elderly in China. According to the fourth sample survey on the living conditions of urban-rural elderly in 2015，both urban and rural elderly has seen steadily increase on their income and steadily narrowing urban-rural income gap. Also，they have witnessed continued increase on their consumption level，incessant improvement on their consumption structure and build-up of consumption hotspots. However，due to the imperfect social security system，the limited re-employment conditions and the lagging development of industries，the income and expenditure of the elderly have been restricted to achieve further improvements. In this regard，efforts should made to further improve the social security system，develop human resources for the elderly，speed up the development of the aging industry，optimize the consumption environment，smooth information channels and continuously improve elderly people' income and consumption level.