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This study is intended to research leisure life characteristics of the elderly and to analyze whether the leisure time and leisure cost, which are representative leisure resources, have a differentiated effect on their leisure life satisfaction and happiness by household types. The main analysis results are as follows: First, the leisure time of the elderly increases compared to those of age 64 and under, but the expenditure on leisure decreases drastically, which indicates the leisure time and cost are not directly proportional. Second, the leisure activities the elderly engage in the most are concentrated in relaxing activities, but the rate of participation in hobby activities, sports activities and cultural art performance viewing activities is very low. Third, the increase of leisure time and leisure cost does not have a significant effect on the leisure life satisfaction of the elderly of single-person household, but they have a statically significant effect on the improvement of leisure life satisfaction for the elderly of two and more people household. Fourth, the increase of leisure cost has a positive effect on the happiness of the elderly of single-person household and two and more people household, but the increase of leisure time lowers the happiness of the elderly of single-person household statistically significantly. The results show that the elder have enough leisure time, which is a core leisure resource, but it cannot be used as meaningful time to improve the quality of life especially for the elderly of single-person household.