This study addresses the adaptive value of functions of reminiscence with respect to physical and mental health in later life. A model examining the relationships between the functions of reminiscence and life satisfaction, psychiatric distress, and health is presented and tested. Self-positive (reminiscence for Identity, Death Preparation, and Problem Solving) and self-negative (reminiscence for Boredom Reduction, Bitterness Revival, and Intimacy Maintenance) functions have statistically significant and direct associations with the well-being of this sample of older adults, the first positively and the second negatively. Prosocial functions (reminiscence for Conversation, and to Teach-Inform Others) appear to have no direct link with health. Self-functions appear to have an important and lasting influence on physical and mental health, whereas prosocial functions may affect health by means of their role in emotional regulation.