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OBJECTIVE: This study sought to determine psychiatric comorbidity among elderly individuals with bipolar disorder. METHOD: An epidemiological community survey identified 84 elderly (ages ≥65) respondents with bipolar disorder, 1,327 younger adults with bipolar disorder, and 8,121 elderly respondents without bipolar disorder. RESULTS: Elderly respondents with bipolar disorder reported lifetime and 12-month rates of comorbid alcohol use disorders (38.1%, 38.1%, respectively), dysthymia (15.5%, 7.1%), generalized anxiety disorder (20.5%, 9.5%), and panic disorder (19.0%, 11.9%) that were significantly higher than among elderly respondents without bipolar disorder. They had lower lifetime and 12-month rates of alcohol use disorders and lower 12-month rates of dysthymia and panic disorder than younger adults with bipolar disorder. Elderly men with bipolar disorder reported a greater prevalence of alcoholism; women reported a greater prevalence of panic disorder. CONCLUSIONS: Comorbid axis I disorders, including panic disorder, are common among elderly individuals with bipolar disorder.