This study analyzed multidimensional poverty among different age cohorts in South Korea. The elements of poverty were stratified along with the individual, social, and structural dimensions, considering five poverty dimensions (monetary, health, housing, human relations, and social security) that represent wellbeing or quality of life. Latent class analysis revealed different structures by age group. The proportion of young people (≤54 years) suffering from multidimensional poverty was much smaller than other age groups. For young-old people (55–64 years), the probability of deprivation exhibited a dispersed pattern across health, housing, human relations, and social security, whereas the old-old (65–74 years) and oldest-old (≥75 years) groups exhibited significant risk in the health dimension. These findings suggest the need for expansion of the scope of community care services for beneficiaries, promotion of housing welfare, and strengthening of social networks and psychological support policies.