This article uses data from the 2013 and 2018 China Household Income Survey (CHIP) to analyze the income structure characteristics of the elderly in China, and further explores the impact of different types of pension insurance on the income of the elderly. The research results found that, (1) the total disposable income level of elderly people in China has significantly increased. Compared with 2013, in 2018, the level of individual wage income, family transfer income and social security income of elderly people in China showed an increasing trend, with increases of 288.6%, 172.5%, and 50.9%, respectively. (2) The income structure has undergone significant changes, as evidenced by a significant increase in the proportion of elderly wage income to total income in 2018 compared to 2013. The proportion of household transfer income has slightly increased and remained relatively stable, while the proportion of social security income has significantly decreased, which remains the largest source of income for elderly people. (3) Compared with uninsured elderly people, elderly people who participate in pension insurance have a higher income level, especially those who participate in enterprise and public institution pension insurance and other commercial pension insurance. However, compared with 2013, the positive effect of pension insurance has weakened in 2018; enterprises and institutions with higher levels of security, as well as other commercial pension insurances, have a greater positive impact on the income of urban elderly people and elderly women. Therefore, it is necessary to improve the pension insurance system, gradually narrow the gap in benefits among various types of pension insurance, and fully leverage its pension security function.