Objective To investigate the quality of life of the elderly patients with type 2 diabetes mellitus(T2DM) and identify the affecting factors. Methods Data were collected of 479 T2DM patients aged 60 years or above, who completed European quality of life-5 dimensions (EQ-5D) in the survey on the cost of T2DM in 16 tertiary hospitals from March to November 2015. Linear regression analyses were performed to identify the impact of clinical characteristics on the quality of life. SPSS statistics 19.0 was used for data analysis. Results Of 479 patients, 191 (39.9%) reported problems with at least one dimension. Patients reporting problems in mobility, self-care, usual activities, pain/discomfort and anxiety/depression accounted for 15.0%,4.8%,9.0%,22.1% and 24.2%, respectively. The average EQ-5D score and European quality of life-5 dimensions visual analogue scale (EQ-VAS) were(0.77±0.13) and(76.9±11.9). Age (B=-0.003, P=0.021), HbA1c (B=-0.010, P=0.037) and diabetic peripheral neuropathy (B=-0.039,P=0.01) were predictors of EQ-5D score. HbA1c (B=-1.091, P=0.013), diabetic retinopathy (B=-3.192, P=0.019), cardiovascular disease (B=-3.470, P=0.019) and cerebrovascular disease (B=-4.649, P=0.003) were predictive factors affecting EQ-VAS score. Conclusion T2DM has significant impact on the quality of life of the elderly patients. Age, HbA1c, chronic diabetic complications, cardiovascular and cerebrovascular comorbidities are affecting factors of the quality of life.