Abstract This study aimed to analyze an intervention on Strengths Based Character Education for the Elderly (Educafi) and its effects on the variables character strengths, psychological well-being, life satisfaction and depressive symptoms. Forty-one elderly people participated in the research, divided into three groups: experimental, active control and control. Participants answered the same questionnaires in three moments: pretest, post-test and follow up. Statistically significant results were obtained for depressive symptoms, but not for the positive constructs assessed. Elderly people who participated in Educafi decreased the levels of these symptoms from the pretest to the post-test. However, in the follow up they returned to the initial levels. The results are discussed and suggestions for Educafi and other positive interventions for the elderly are presented.