Abstract: In the context of a continuously aging population, analyzing the impact of different pension models on the well-being of the elderly holds positive significance for the rational allocation of elderly care resources and, consequently, for enhancing the welfare of older adults. Based on data from the China Longitudinal Aging Social Survey from 2016 to 2020, this study analyzes the impact of different pension models on the well-being of the elderly by constructing an evaluation index system for older adults' well-being. The findings reveal that: (1) There are significant differences in the impact of different pension models on the well-being of the elderly. Older adults under the community-based care model report the highest level of well-being, followed by those under the self-care and family care models, while those under the institutional care model report the lowest level of well-being; (2) Pension models partially influence the well-being of the elderly through three mediating mechanisms: psychological effects, social effects, and economic effects; (3) The impact of different pension models on the well-being of the elderly exhibits significant regional heterogeneity and urban-rural heterogeneity; (4) Educational level, number of living children, and number of chronic diseases are important factors influencing the well-being of the elderly. This study provides empirical insights for improving the elderly care policy system, optimizing the allocation of elderly care resources, and ultimately enhancing the well-being of the elderly.