This study aims to develop co-farming program for elderly farmers, employ, then evaluate its effectiveness whether it influences purpose in life and psychological well-being of program participants. A total of 130 elderly farmers that composed of 65 in experimental group and control group respectively were enrolled in this study. The results of this study are as follows: First, the experimental group showed significant difference on ‘purpose in life’ compared to the control group(t=3.316, p<.001). Second, the experimental group showed significant difference on ‘Psychological Well-being’ compared to that of control group. The four major problems of elderly farmers which are poverty, health, loneliness and alienation keeps on worsening over time along with the population ageing. According to the result, it is necessary to improve elderly farmer’s quality of life by developing suitable and sustainable occupation.