The present study aimed to examine the affect of loneliness and perceived social support among older adults on their life satisfaction and quality of life during the COVID-19 pandemic. We collected the data from 686 Turkish-resident people aged 65 and over between November and December 2020. The multivariate regression analysis revealed that the factors associated with the increase in life satisfaction were high perceived social support, high income, higher education degree, and residing in the Mediterranean region. In contrast, associated with the decrease in the variable, the elevation in loneliness level, and experiencing difficulties during the restrictions. In addition, the factors associated with a higher quality of life were found to be high perceived social support, male gender, high income, and residing in the Aegean region; however, increase in the loneliness level, experiencing difficulties during the restrictions, chronic diseases, and advanced age were the ones affecting loneliness level and social support negatively in the pandemic. In line with the findings obtained, it is deemed essential to generate social responsibility projects and enhance social support policies to increase the quality of life and life satisfaction among older adults with increasing loneliness and the need for social support during the pandemic.