The purpose of this study is to examine the moderating effect of self-compassion in the relationship between aging anxiety and psychological well-being in middle-aged and older women. For this purpose, a survey was conducted with 359 women in their 40s or older, focusing on aging anxiety, self-compassion, and psychological well-being. The collected data were subjected to reliability analysis, frequency analysis, descriptive statistics analysis, correlation analysis, and hierarchical regression analysis. The results of this study are as follows. First, as a result of examining the correlation between the main variables of this study, aging anxiety was found to have a significant negative correlation with self-compassion and psychological well-being, and self-compassion was found to have a significant positive correlation with psychological well-being. Second, self-compassion was found to moderate the relationship between aging anxiety and psychological well-being in middle-aged and older women. Based on the above research results, the significance of this study is that it suggests implications from a Buddhist counseling perspective on promoting self-compassion among middle-aged and older women.