Population aging is accompanied by epidemiological transition, which has led to various physiological changes observed among the elderly. Social and economic factors have an impact on the health outcomes of the elderly. The objective of this study was to explore relationships between self-reported perceived health status (PHS), and disability and disease among the slum-dwelling elderly individuals. A cross-sectional descriptive study was used for the same, and a total of 440 elderly participants were recruited in the survey, which was carried out using a detailed questionnaire. About one-third of the elderly population in the study reported to have “bad” health status with higher proportion of females (18.3%) as compared to that of males (12.1%). A total of 10 diseases were assessed to explore morbidities. Of all the diseases, blood pressure, stroke, asthma, arthritis, osteoporosis, glaucoma, weight loss, weight gain, and infectious diseases had a relationship with PHS. About 14% of the elderly reported disability in the study and had a significant relationship with the perceived health status. The findings suggest an interplay of various factors affecting the overall health and well-being of the community-dwelling elderly.