Objectives. We sought to determine whether objective and perceived neighborhood characteristics are independently associated with obesity indicators among older adults and whether associations differ by gender. Methods. Linear regression was used to examine mutually adjusted associations of objective area-level neighborhood deprivation and perceived individual-level neighborhood disorder in 2002–2003 with body mass index (BMI) and waist circumference (WC) 2 years later among 6297 community-dwelling older adults in the English Longitudinal Study of Ageing. Results. Associations between neighborhood characteristics and obesity indicators were evident for women only. Being in the most deprived quintile of neighborhood deprivation was associated with a BMI that was 1.18 kilograms per meters squared higher (95% confidence interval [CI] = 0.54, 1.83) and a WC that was 2.42 centimeters higher (95% CI = 0.90, 3.94) at follow-up in women after adjustment for baseline health status, socioeconomic factors, and neighborhood disorder. Neighborhood disorder was not independently associated with BMI or WC. Conclusions. Among women, greater objective neighborhood deprivation was independently associated with higher BMI and WC after 2 years. Public efforts to reduce obesity among community-dwelling older women may benefit most from addressing objective residential characteristics, over and above subjective perceptions.