The objective of this study was to reveal the self-rated health and life satisfaction by elderly women resident in a long term nursing home. It is a quantitative, descriptive and transversal research developed with 20 elderly women resident in a long term institution selected by criteria of inclusion/exclusion and cognitive screening. Data were collected through the Brazil Old Age Schedule questionnaire and records file. The self-rated health was reported as excellent by 5 elderly (25%), good by 11 (55%) and bad by 4 (20%) of them. Comparing their current health state to the past 5 years, 12 (60%) said that it is better, 6(30%) the same, and for 2 (10%) it is worse. Most of them (n=18; 90%) are satisfied with their lives and 2 (10%) are unsatisfied. The reasons highlighted for dissatisfaction were health problems and family members. Despite of multiple chronic diseases the elderly appeared to be satisfied with their lives and health, and to have the necessary professional and social support.