This study aimed to determine the efficacy of mindfulness practice on emotional state and cognitive function of community-living elderly with mild cognitive impairment. A randomized controlled trial was conducted with the experimental group undergoing a Mindfulness Awareness Program (MAP) and an active control group undergoing a Health Education Program (HEP) over a nine month period. Sessions were conducted weekly for the first three months and monthly for the remaining six months. Self-reported questionnaires in English and Chinese were administered through face-to-face interviews to collect data at baseline, three months and nine months. Descriptive statistics and analysis of covariance (ANCOVA) were used to analyse data. Fifty-five elderly participants aged sixty and above, were randomized to MAP (N = 28) and HEP (N = 27) programs. Participants in both intervention arms experienced decreases in depressive and anxiety symptoms over the nine-month period. A significant improvement occurred in the HEP group in depression scores at three months and anxiety scores at both three and nine months. There were no statistically significant changes on cognitive function in both groups over the nine-month period. Both the MAP and HEP can benefit the emotional states of community-living elderly with mild cognitive impairment. Our study supports the usefulness of group-based HEP as a low cost intervention for promoting active aging and psychological health in a community setting.