Objectives The overall objectives of the Ajou-Bundang Study for the Elderly (AB study) were to describe the current geriatric diseases and health behaviors, and to improve the visiting health service in South Korea. The particular objectives of the current study were to describe the AB study and to investigate the associations between subjective memory complaints (SMCs) and objective cognitive function, to assess the clinical characteristics of SMCs, and to measure possible differences between elderly people with and without cognitive dysfunction. Methods A cross-sectional study of a sample of people from the AB study was constructed to study the association between SMCs and demographic variables. SMCs, cognitive function, and demographic characteristics were ascertained. A total of 9477 subjects aged 65 years or over were recruited from the residents of Bundang, Korea. Results SMCs were reported by 57.3% of the study participants. SMCs were correlated with advanced age and with being female. Further analyses of cognitive functions revealed that associated factor profiles differed between the participants with and without cognitive dysfunction. Conclusions These results show that age is associated with SMCs, irrespective of the level of cognitive function. Longitudinal SMC studies should be undertaken to investigate potentially associated clinical parameters.