The objective was to identify factors associated with positive self-rated health in the elderly in Florianópolis, Santa Catarina State, in the South of Brazil. This population-based cross-sectional study evaluated 1,705 elderly. Self-rated health was classified as positive (very good or good) or negative (fair, poor, and very poor). Crude and adjusted Poisson regression was used to identify associated factors. Prevalence of positive self-rated health was 51.2%, associated with male gender (PR = 1.13), more than 5 years of schooling, moderate (PR = 1.33) or high alcohol intake (PR = 1.37), leisure-time activity (PR = 1.20), Internet use (PR = 1.21), fewer diseases, mild/moderate dependence (PR = 2.20) or no dependence (PR = 2.67), no falls (PR = 1.19), and non-use of polypharmacy (PR = 1.27). Several modifiable factors were identified that can affect positive self-rated health in the elderly and contribute to the development of strategies to improve their quality of life.