China has become an aging society since the late 1990s，and dealing with aging population has become a national long term strategy. The survey of Living Condition of the Elderly People among Both Rural and Urban Areas has been implemented for four waves since 2000. The data demonstrate that，for the last 15 years，the overall living condition of the elderly people has been improved greatly with significant enhancement of economic situation，social insurance，medical service，social participation，and cultural events engagement. With the progress of aging society，China is facing challenges such as shortage of labor force，weakening family function，and inadequacy of medical care. On the other hand，the aging society also brings significant opportunities for demand structural change and industrial adjustment.