Elderly floating population has continued to rise in the recent years. Based on the data from 2015 Floating Population Dynamic Monitoring Survey in China, this study used Logit model and Heckman two-step method to analyze elderly floating population’s treatment behavior, including outpatient treatment and residential treatment, and factors that influence their choices. The results showed that for minor ailments, floating elder people aged more than 70, revenue from other members of the family as the main source of income, having higher average household monthly income, with hypertension or diabetes are significantly more likely to choose outpatient treatment. For those floating elder people with diseases that need hospitalization, those who think their health condition is good, retirement or pension as the main source of income are more likely to choose hospitalization. Main source of income and type of medical insurance have significant impact on elderly floating population’s treatment behavior. Besides, elderly floating workers, old floating population who rely on children or pension have significantly different treatment behavior and influencing factors.