China has achieved indisputable economic growth in the past decades but, with it, unbalanced development across region and socio-economic groups. Little is known about how this impacts the lives of minority older adults who tend to live in remote inland areas. This study is the first attempt to examine and compare the relationships between financial strain, health conditions, and life satisfaction among ethnic minority and non-minority older adults in mainland China. Research data was obtained from respondents aged 60 and over who participated in the National Survey of the Aged Population in China (N = 995) in 2000. Hierarchical linear regression revealed financial strain to be significantly associated with life satisfaction and health, however functional health measurements of ADL were only associated for ethnic minority groups after controlling for socio-demographic variables. The impact of underdeveloped socio-economic levels and unfavorable living environments on health and life satisfaction is stronger among minority groups and warrants further attention.