Abstract: Objective To observe the effect of psychological intervention on depression and anxiety in elderly patients during peri-retirement period. Methods The elderly persons around the time of retirement were screened for the depressive and anxious symptoms in the Huai’an city and randomly divided into psychological therapy (PT) group and escitalopram treatment (ET) group. The PT group was given a comprehensive psychotherapy according to the realistic conflict faced by the patients, while the ET group was administrated with escitalopram (20 mg/d). After 12 weeks of treatment, the efficacy of the two groups was compared by the Self-rating Depression Scale (SDS) and the Self-rating Anxiety Scale (SAS). Results A comparison of baseline showed that there was no significant difference in SDS and SAS scores between the two groups (P>0.05). After treatment, the SAS score in the PT group was significantly reduced than that in the ET group (P<0.05). The SDS score was slightly reduced in the PT group compared with the ET group, but the difference was not statistically significant (P>0.05). The scores of SDS and SAS decreased more in those with longer educational years and mental workers as well as with spousal companion after psychotherapy (P<0.05). Conclusions Psychological intervention can effectively treat elderly patients with symptoms of depression and anxiety during peri-retirement period.