The aging process involves numerous changes, on a physical, social and family level, which requires the presence of necessary adaptive strategies for maintaining a healthy emotional level and an optimum well-being. Numerous theories have focused on the relation between the coping strategies and psychological well-being on elderly people, which can be the key for successful aging. The coping mechanisms appear in the context of change and perceived as stressful, while the elderly must tolerate or adjust their approach of these new situations, in order to maintain their emotional balance and well-being. The issue occurs when the changes are plenty, in a brief time period, and the individual is having the feeling of lack of control regarding his own life. This perception can determine low self-esteem, anxiety or depression. The third age being often characterized by successive changes on the social, family and medical status. Possible stressors at the third age that require coping may be acute, such as loss of a spouse, or are of longer duration, such as chronic pain or illness, long-lasting financial problems, ageism. Coping strategies involves effort and energy greater than the daily routine. A prolonged mobilization of resources can cause psychological and physical breakdowns. Older people’s experiences are influenced by a combination of factors, such as gender, old age stages, religion, health, illness, location, socioeconomic status, and ethnicity. The research regarding the connection between psychological wellbeing and coping mechanisms can represent a base for future development of psychological interventions in the elderly population.