Background Pulmonary and cardiac functions decline with age, but the associations of pulmonary dysfunction with cardiac function and heart failure (HF) risk in late life is not known. We aimed to determine the associations of percent predicted forced vital capacity (ppFVC) and the ratio of forced expired volume in 1 second (FEV ₁ ) to forced vital capacity (FVC; FEV ₁ /FVC) with cardiac function and incident HF with preserved or reduced ejection fraction in late life. Methods and Results Among 3854 HF‐free participants in the ARIC (Atherosclerosis Risk in Communities) cohort study who underwent echocardiography and spirometry at the fifth study visit (2011–2013), associations of FEV ₁ /FVC and ppFVC with echocardiographic measures, cardiac biomarkers, and risk of HF, HF with preserved ejection fraction, and HF with reduced ejection fraction were assessed. Multivariable linear and Cox regression models adjusted for demographics, body mass index, coronary disease, atrial fibrillation, hypertension, and diabetes. Mean age was 75±5 years, 40% were men, 19% were Black, and 61% were ever smokers. Mean FEV ₁ /FVC was 72±8%, and ppFVC was 98±17%. In adjusted analyses, lower FEV ₁ /FVC and ppFVC were associated with higher NT‐proBNP (N‐terminal pro‐B‐type natriuretic peptide; both P <0.001) and pulmonary artery pressure ( P <0.004). Lower ppFVC was also associated with higher left ventricular mass, left ventricular filling pressure, and high‐sensitivity C‐reactive protein (all P <0.01). Lower FEV ₁ /FVC was associated with a trend toward higher risk of incident HF with preserved ejection fraction (hazard ratio [HR] per 10‐point decrease, 1.31; 95% CI, 0.98–1.74; P =0.07) and HF with reduced ejection fraction (HR per 10‐point decrease, 1.24; 95% CI, 0.91–1.70; P =0.18), but these associations did not reach statistical significance. Lower ppFVC was associated with incident HF with preserved ejection fraction (HR per 10‐unit decrease, 1.21; 95% CI, 1.04–1.41; P =0.013) but not with HF with reduced ejection fraction (HR per 10‐unit decrease, 0.90; 95% CI, 0.76–1.07; P =0.24). Conclusions Subclinical reductions in FEV ₁ /FVC and ppFVC differentially associate with cardiac function and HF risk in late life.