The majority of low- and middle-income countries (LMICs) face significant public health issues as a result of the population’s rapid aging, demographic and epidemiological shift, and rising health inequities and disparities. Given the projected rise in the older population and the clear transition from infectious to noncommunicable diseases, it is imperative that the healthcare system adapts to the expanding medical demands of the aged in an effective and comprehensive way. The prevalence of NCDs among the elderly is rising in India as well. Age-related differences in social, economic, educational, and health status are very significant. Aged populations in India are of the uttermost concern due to the rising burden of noncommunicable illnesses and the ensuing healthcare needs. Given this background, this study explored the burden of NCDs among elderly in India. This study also examined prevalence and utilization pattern of inpatient and outpatient care for treatment of NCDs among elderly in India. This study used data from Longitudinal Ageing Study in India (LASI) conducted from 2017 to 2019. Data were collected from 72,250 older adults covering all 30 states and six union territories of India. However, this study considered 60 years and above population for the analytical purpose, reducing the sample size to 31,464. Descriptive statistics was used to examine the prevalence as well as burden of NCDs. A total of 89.3% of elderly were suffering from one or more than one NCDs in India. Prevalence of NCDs was around 90% for females while 89% for males. Out of the total hospitalization occurred in India past 1 year prior to the survey, 77.8% is observed to be due to NCDs, injury/fall, and maternal health diseases. The mean out-of-pocket expenditure on hospitalization for people aged 60 years and above is ₹ 30016 which is 96.3% of the total expenditure. The mean out-of-pocket expenditure for the last inpatient visit to a public health facility is ₹ 13516 (94.3%) compared to ₹ 43340.9 (96.8%) in a private health facility. More than two-third (68.3%) of the expenses for hospitalization due to NCDs were covered by income. Loans, borrowings, and selling of assets or property were other major sources of financing for elderly (21.6%). In order to achieve healthcare objectives in India, targeted policies should be taken to improve access to medicine and other healthcare services for NCDs. Public subsidy for the disadvantaged population would be particularly crucial given a significant proportion of elderly are financially dependent on others for their health care.