Dizziness is a common problem in older people, with a reported prevalence of 13-38%. A large percentage of patients with dizziness develop secondary psychiatric disorders over the course of their disease. In particular, clinical depression and anxiety are significant health problems for older adults. We investigated the relationship between dizziness and psychological distress (depression and anxiety) in elderly patients with dizziness, and the relationship with psychological symptoms after managing the dizziness. This study enrolled 126 patients with dizziness, who were 65 years or older. Dizziness and the psychological symptoms of all patients were measured using the Korean Version of the Vestibular Disorders Activities of Daily Living Scale (K-VADL), the Beck Depression Inventory (BDI), and the Spielberger State-Trait Anxiety Inventory (STAI) before and after management. We found a significant decrease in the BDI and STAI state scores after treatment with a reduction in the K-VADL score. For the STAI, the decrease in the score was relatively small after management. Nevertheless, there were significant correlations between the K-VADL score and both the BDI and STAI scores before and after management. Therefore, in the management of elderly patients with dizziness, a psychiatric approach should be considered and psychological support may be needed after managing the dizziness.