This study examined the associations of educational level with functioning and life satisfaction among community-dwelling older adults in South Korea ("n" = 4,152). The sample was drawn from Wave I of the Korean Longitudinal Study on Aging. To examine educational disparities, separate analyses were run to note predictors in less educated (below the 6th grade) and better educated (above the 6th grade) respondents. Educational disparities were found in major predictors of health and well-being. Older age and lower cognition were strong predictors of functional limitations, while being married, receiving public assistance, and better psychological functioning were associated with greater life satisfaction. The health and well-being of less educated respondents were influenced by demographic factors, while social engagement and psychological functioning were more prominent predictors for better educated respondents. These findings highlight the importance of enhancing cognitive functioning and function among older adults in Korea to promote their health and well-being. (Contains 4 tables.)