Studies have demonstrated that different apolipoprotein E (APOE) phenotypes appear to modulate the effects of cognitive aging in Caucasian elderly populations. Few studies have investigated the effects of the common APOE alleles on the neuropsychological functioning in other ethnic elderly populations. We examined the different effects of APOE polymorphism on the neuropsychological functions of 213 community-dwelling Korean elderly individuals without dementia. Individuals with APOE epsilon4 allele performed poorly on memory measures, Recency of the Elderly Verbal Learning Test, Immediate and Delayed Reproductions of the Simplified Rey Figure Test (SRFT), the Primary Memory Index, and the Secondary Memory Index. They also performed worse on the sub-scale assessing executive function on the Korean-Dementia Rating Scale (K-DRS). Subjects with APOE epsilon2 allele performed better on visuo-spatial measures, the Construction sub-scale of the K-DRS, and the Copy and Immediate Reproductions of the SRFT.