This study evaluated the association between multimorbidity patterns and socioeconomic conditions with functional limitation in individuals aged 60 years or older from the State of Minas Gerais, Brazil. This was a cross-sectional study with data from the last National Health Survey. Dependent variables were functional limitations in basic (BADL) and instrumental activities of daily living (IADL). The independent variables were multimorbidity patterns and socioeconomic conditions. Multimorbidity patterns were defined using an exploratory factor analysis. The association between multimorbidity patterns and dependent variables was tested using logistic regression models adjusted for covariates. Multimorbidity patterns were associated with limitations in BADL and IADL, except for the metabolic profile for IADL. Individuals with higher income had lower chances of being limited in BADL. Older adults with a higher level of education and income had lower chances of limitation in IADL. Multimorbidity patterns and socioeconomic conditions were associated with limitations in BADL and IADL.