The study aimed to assess the association between body image perception and (dis)satisfaction and sociodemographic and behavioral factors in the elderly, using multinomial logistic regression. Data were analyzed for 1686 women and 1499 men participating in the Brazilian Longitudinal Study of Adult Health (ELSA-Brasil). Men with less schooling and women with lower per capita income showed higher odds of underestimating their body size. Former smokers of both sexes showed higher odds of overestimating their body size; lower schooling and lower per capita income decreased these odds. Increasing age, lower per capita income, and smoking increased the odds of dissatisfaction due to thinness in men, and married marital status decreased these odds. In women, low per capita income, weekly consumption of vegetables, and smoking increased the odds of such dissatisfaction. Factors that increased the odds of dissatisfaction due to excess weight in both sexes were primary or secondary schooling and former smoking. In women, low per capita income, weak physical activity, weekly consumption of vegetables, and excessive alcohol intake also increased the odds of such dissatisfaction. The results suggest that improved living conditions and the adoption of healthy behaviors can help reduce misperceived negative body image among elderly.