Background and objectives: The perception of quality of life (QoL) in people over 65 years of age can be affected by individual clinical and sociodemographic characteristics, and also by the nature of the welfare models in place in particular countries. The objective of this study was to compare the association between clinical/sociodemographic variables and QoL in people ≥65 in samples from Spain and from Central-Northern European countries, using data from the SHARE (Survey of Health, Ageing and Retirement in Europe) study. Methods: Data from 22,189 participants in Wave 5 (2013) of the SHARE study were obtained. Instruments: CASP-12 (quality of life) and EURO-D (depression). Statistical analysis: Bivariate and multiple linear regression and correlations. Results: In the regression analysis, the variables most closely associated with a lower QoL (CASP-12) in both groups (Spain, r2 = 0.586 and Central-Northern Europe, (r2 = 0.453) were high depression (β = 0.444 vs. 0.361), poor physical health, economic difficulties, and deficits in activities of daily living (ADL); low level of education was relevant only in the Spanish sample. The mean QoL score in Spain was lower than in the other countries (34.8 ± 6.8 vs. 38.5 ± 5.8, p < 0.001; d = 0.58) and depression was more frequent (34.9% vs 27.4%, p < 0.001; V = 0.06). Conclusions: In all countries, low QoL was associated with high rates of depression and poor physical health. The Spanish sample had lower QoL than their Central-Northern European counterparts. A high rate of depression was the most relevant differential variable