Global self-ratings of oral health (GSROH) have been used in population surveys to assess oral health status. The aim of this study was to assess various candidate predictors for each response level (very poor, poor, fair, and good/very good) of GSROH among Korean elders. Data from a national representative sample of Korean adults aged 65 years and over was analyzed. The mean age of the 1173 subjects was 72.7 years and 60.2% were women. After bivariate analysis, a generalized multinomial logit model with individual slope parameters was performed. Only 29.5% of elders rated their oral health as good or very good, while 53.1% assessed their oral health as poor or very poor. Significant determinants for GSROH for elders (including dentate and edentulous) were difficulty chewing, concern about oral health, the number of missing teeth, and denture state. Income and education were not significant determinants. The number of decayed teeth was an additional determinant in the model for the dentate only subgroup. The indicator demarcating response at a good/very good oral health level compared with poorer oral health levels for all (dentate and edentulous) elders was not reporting having much difficulty chewing. Experiencing loss of 10 or more teeth and being concerned about their oral health distinguishes those in the poor or very poor GSROH levels from the others. For dentate elders, having untreated dental caries was also distinguishing for those reporting very poor oral health. Public health programs aimed at correcting significant chewing functional difficulties in the elderly, by restoring or replacing missing teeth, may alleviate the oral health concerns and improve the overall oral health of the elderly.