Multimorbidity, defined as the coexistence of two or more chronic conditions in a single individual, has become increasingly prevalent among elderly populations worldwide. Aging-related physiological changes, increased life expectancy, and advances in healthcare have contributed to a growing number of older adults living with multiple chronic diseases. Common combinations include cardiovascular diseases, diabetes mellitus, chronic kidney disease, osteoarthritis, chronic obstructive pulmonary disease (COPD), and cognitive disorders. Multimorbidity presents significant challenges in diagnosis, treatment, healthcare utilization, medication management, and quality of life. Traditional disease-specific healthcare models often fail to address the complex interactions among coexisting conditions. This review examines current management strategies for multimorbidity in elderly patients, emphasizing patient-centered care, comprehensive geriatric assessment, multidisciplinary approaches, medication optimization, digital health technologies, and integrated healthcare systems. The study highlights emerging innovations and policy recommendations aimed at improving clinical outcomes and enhancing quality of life among elderly individuals living with multimorbidity.