There is accumulating evidence on the association between vitamin complex B levels in blood and the risk of depression and/or cognitive impairment among elderly people. In the context of the “VELESTINO” study, data were collected through interviewer-administered questionnaires and blood samples were taken among elderly, aged 65 years and over. Depression was assessed through the Geriatric Depression Scale-GDS 15 (GDS>6) and cognitive impairment, through the Mini Mental State Examination-MMSE (MMSE≤23). In the analysis, the prevalence of depression was estimated and multivariate logistic regression models were applied to assess the association of depression with serum levels of folic acid and vitamin B12. The study findings were further combined to those of other cross-sectional studies in a meta-analysis. The prevalence of depression was high in the population under study (50.7%), with the conditions being more prevalent among women than men. (62,3 % vs 36, 1% ). Among women, the prevalence of depressive symptoms was positively associated with age and inversely associated with serum levels of folic acid (1st vs. 3rd tertile, OR: 2.08, 95% CI: 1.07-4.05) controlling for vitamin B12. Among men, depression was inversely associated with the index of family/social support (OR: 0.46, 95% CI: 0.31-0.68, one level increase of the index). Among men, depression was positively associated with cognitive impairment (OR: 2.21, 95% CI: 1.26-3.87). In the meta-analysis, low levels of vitamin B12 in serum were associated with depression among elderly females (OR: 1.33, 95% CI: 1.02-1.74, fixed effects model), while folate levels were not found to be associated with depression in either men or women.