Elderly patients will constitute 2/3 of ICU patients and will likely consume ¾ of ICU resources in the coming years. It is therefore important to determine their outcome of those patients, especially with respect to what appears to be the most important factor, their Health Related Quality Of Life (HRQOL). This systematic review identified 26 studies that examined HRQOL of elderlies after ICU. Studies on this matter are difficult to compare, and their results are difficult to summarize due to heterogeneity in the instruments and measures used. Elderly ICU patients have a reduced HRQOL compared to the normal age- and gender-matched population even prior the event that requires their ICU admission. Compared to younger patients who will be hospitalized in ICUs, elderly patients appear to have a reduced HRQOL, especially with respect to physical domains. Once discharged from ICU, elderly patients appear to frequently regain their pre-ICU HRQOL. The speed of recovery appears to be similar to that of younger ICU patients. In the end, the HRQOL of elderlies will be only slightly reduced compared to younger ICU patients, primarily in physical domains, but HRQOLs appear to be even better in mental domains. The HRQOL of patients discharged from the ICU, however, remains statistically lower than age- and gender-matched populations. Altogether, the quality of the analyzed studies was quite disappointing. The exact impact of a possible selection bias in the studies is difficult to assess, and care should be taken in the interpretation of the results. Larger, quality studies are warranted to confirm important results.