jats:p(1) Background: Green and open spaces are conducive to physical activity for the elderly. However, it is unclear how different landscape characteristics relate to the physical activity of the elderly. (2) Methods: following the PRISMA method, this study reviewed the existing literature on the landscape characteristics correlated with the elderly’s physical activity (PA) from Web of Science, Scopus, and PubMed. We conducted a systematic full-text review of 25 eligible reports and studies related to the linkage between the characteristics of green and open spaces and the elderly’s physical activity (PA); (3) Results: Nature/greenery, safety, road/path conditions, aesthetics, PA facilities, accessibility, amenity, water, and elderly accessibility facilities were found to be positively associated with elderly’s PA. Pavement conditions (gravel), the presence of water, poor maintenance, neighborhood aesthetics, and GVI are negatively correlated with the elderly’s PA; (4) Conclusions: We close the paper by making a few recommendations for future policy-making, practice, and research. It is suggested that the landscape characteristics be applied in evidence-based policy-making and design, and in tackling health inequality. Future research should be more specific about the impact of site-scale factors, include landscape characteristics specifically needed by the elderly to conduct PA, and involve a wider scope of green and open space on top of neighborhood green and open space and parks. Additionally, these studies should take into consideration different cultural settings and geographical scales to reveal the different effects of various aspects of green and open space.</jats:p>