Objective To understand the relationship between cognitive function and depression level among the community dwelling elderly, and to provide reference for developing effective nursing intervention. Methods A total of 628 community elderly people from 13 communities in Wuhan were investigated using Mini-Mental State Examination (MMSE) and Hamilton Depression Scale (HAMD). Results The average total score of MMSE was (26.41±3.89) in community elderly people, 9.24% sufferred cognitive decline, the incidence rates of cognitive decline for the elderly with different age, marital status, educational background, hobbies and interests were different, and there were significant differences in the score of orientation dimension and total MMSE score for the elderly with and without depressive symptoms (P<0.05 for all). The average total score of HAMD was 3.00 （1.00,6.00）, 17.52% had depressive symptoms, the incidence rates of depressive symptoms for the elderly with different genders, educational backgrounds, memory status, hobbies and interests were different, and there were significant differences in the dimension score of cognitive impairment and retardation for the elderly with normal and decreased MMSE (P<0.05,P<0.01). Correlation analysis showed that, the total score of MMSE was negatively and significantly correlated with HAMD total score and the dimension scores of cognitive impairment, sleeping, retardation and despair (P<0.05,P<0.01). Conclusion The elderly with cognitive function decline and depressive symptom accounts for a certain proportion in Wuhan communities, and the elderly with cognitive function decline are prone to develop depressive symptoms. It is necessary to take active measures to prevent cognitive function decline for the elderly, improve their depressive emotion and promote healthy aging.