This study examined the associations of gambling participation and problem gambling with cognitive function among U.S. Chinese older adults. Older adults who reported more frequent gambling had better global cognitive function, executive function, and episodic memory. However, more severe problem gambling was associated with lower scores on the Mini-Mental State Examination (MMSE). Thus, it is important to educate older adults about problem gambling. Screening for signs of problem gambling and intervening in a timely manner are also important.