Developing a robust elderly sport industry would be the better strategy to promote exercise-for-successful aging than hosting single-shot events or relying on government subsidy or welfare. However, very few studies have examined the current development and future trends of elderly sport industry from the industrial perspective. The purpose of this study was to examine the current development and future strategy of the elderly sport industry in Yunlin and Chiayi areas in Taiwan. A total of 10 managers or owners of 5 potential elderly sport service providers were recruited as research subjects in Yunlin and Chiayi areas in Taiwan. The grounded theory was applied to extract the major concepts and models from the in-depth interview transcript. The results indicated that elders frequently participated in physical activities with health and social motivations, but most were not willing to pay for the services. Prior experience and sport/excise ability were important determinants of participation. On the other hand, potential service providers have not developed elder-specified marketing strategies, and believed that the elderly sport industry will bloom when the current middle ages become the elders. Results were further discussed, and suggestions were provided for the industry and government.