India, the second most populated country is home to nearly 100 million people aged above 60 years. Elderly population is growing at an unprecedented rate, consequently providing a quality life and social security to each of them is something that needs to be prepared for beforehand. Perceived life satisfaction is what makes aging truly a successful and healthy process. It has direct association with dynamics of happiness. The study is an attempt to assess the factors related to life satisfaction among the elderly in India. The study uses data from a national level cross-sectional study conducted during 2017–2018 using large representative survey data called the Longitudinal Aging Study in India (LASI). The study uses Hierarchical Regression Analysis to assess the adjusted effect of various socioeconomic, demographic, health (physical and mental), social support and effects of multi-morbidity on life satisfaction. In model III there has been highest increase in the explanatory power of the R2 values (from 0.018 to 0.095) in terms of life satisfaction among elderly individuals. In this model, the lifestyle indicators were introduced viz., Financial Support Received, Acute Diseases, Chronic Diseases, Social Security, Health Insurance, Media Exposure, Cognitive Problem, Self-reported Health, Living Arrangements, Risk Behavior, and Availability of Food Choice. Study concludes that existence of chronic diseases, cognitive problem, and living arrangements all exert statistically significant effects on life satisfaction. These factors represent crucial subjective indices with regard to the understanding and acceptance of the aging process in elderly individuals.