Based on the national baseline survey data of the CHARLS2015, the comprehensive evaluation index of depression degree of the elderly in China is calculated using a principal component analysis method. The Tobit model is used to investigate the influence of mental health status with depression degree as a proxy variable on the health consumption of the elderly in China. The results show that the overall effect and the phased effect of depression on the health consumption of the elderly are positive. In other words, high levels of depression lead to a higher probability and amount of health consumption. Research findings show that chronic illness and increased social activity can weaken the effect of depression on the health spending of the elderly. Fully considering the factors affecting the mental health of elderly people is required to improve their level of mental health. Importantly, the quality audit system of health products and the supervision and management system of the health consumption market should be improved to realize the benign operation of the health consumption market.