Background: Falls are one of the major adverse events affecting older adults that can result in serious injuries. Hospitalizations and deaths because of fall-related injuries have been increasing. Nevertheless, there is a dearth of studies examining the physical condition and current exercise habits of older adults. Moreover, studies analyzing the role of factors related to fall risk by age and gender in large populations are also scarce. Purpose: This study was designed to investigate the prevalence of falls among community-dwelling older adults and elucidate the effects of age and gender on the related factors using a biopsychosocial model. Methods: This cross-sectional study utilized data fromthe 2017 National Survey ofOlder Koreans.Onthe basis of the biopsychosocial model, the biological factors related to falls included chronic diseases, number of medications, visual difficulties, activity of daily living (ADL) dependence, lower-limbmuscle strength, and physical performance; psychological factors included depression, cognitive ability, regular smoking, alcohol consumption, nutritional status, and exercise; and the social factors included educational level, annual income, living conditions, and instrumental ADL dependence. Results: Of the 10,073 older adults surveyed, 57.5% were women and approximately 15.7%had experienced falls. The results of the logistic regression showed that, in men, falls were significantly associatedwith takingmoremedications and being able to climb 10 stair steps; in women, falls were significantly associated with poor nutritional status and instrumental ADL dependence; and in both genders, falls were significantly associatedwith greater depression, ADL dependence, and the presence of more chronic diseases and negatively associated with physical performance. Conclusions/Implications for Practice: The results suggest that practicing kneeling and squatting is themost effective strategy for reducing fall risk in older adult men and that improving nutritional status and strengthening physical ability is the most effective strategy for reducing fall risk in older adult women.