This study examined the frequency of mental health problems in a sample of 624 community dwelling individuals in the age group of 60 and above residing in Central Punjab, Pakistan. The aim of current study was three fold, to estimate the prevalence of mental health problems gender and community wise, to determine the risk factors associated with mental health problems and to analyze the coping mechanism of elderly people when they encounter problematic situation. Moreover, it also focused on the family attitude towards elderly. An interview schedule was developed to collect the primary data. In addition, SRQ-20 and GDS-15 were also used to determine the prevalence rate of mental health problems. Multistage sampling technique was applied. Results indicated a pervasive prevalence of mental health problems among elderly in Central Punjab. The gender wise percentage of mental health problems indicated variance i.e. mental health problems were more prevalent among female elderly as compared to their male counterparts. While a slight difference of prevalence of mental health problems between rural and urban community was also observed. Logistic regression analysis reported that financial support to family, educational status of family, undesirable events of life, undermining the sense of control, elderly abuse, feelings of discomfort at home, family behavior, age and sex of elderly were significantly linked with mental health problems of Pakistani elderly population. These significantly associated variables were found as the major risk factors of mental health problems. The results also indicated that the respondents who were economically dependent and did not have any source to support their families were two times more likely to report a mental health problem than those who have finances to support their families. It means that the financial dependency predominated other variables. Moreover, in case of problematic situation, elderly manifested three types of coping i.e. internalized negative assessment, inclination to withdraw and autonomic. Majority of elders were involved in emotional coping (internalized negative assessment, inclination to withdraw) rather than problem solving coping (autonomic). This study suggested estimates of elderly mental health problems in Pakistan are on the rise. It also highlighted the major risk factors and coping mechanism among elderly that pointed out the necessity of planning, legislating and establishing services network to meet elder persons’ mental health needs.