The number of older adults in developing countries is growing rapidly, posing challenges related to malnutrition due to unbalanced diets. Food cost is one of the barriers to consuming nutritious foods. This study aims to develop optimized healthy menus for 1800 kcal and 2000 kcal diets at minimal cost using mathematical programming. Methods: Data were obtained from phase IV of the Long Term Research Grant Scheme Towards Useful Aging cohort study (LRGS-TUA), involving 246 purposively sampled older adults (≥60 years) from 10 areas in Selangor, Malaysia. Sociodemographic, anthropometric, and nutrient intake data were analyzed. The Diet Optimization Model was applied to develop healthy, low-cost menus for older adults based on the recommended nutrient intakes for Malaysia (2017). Results: Among 246 older adults, 38.6% were overweight, and 71.5% lived below the poverty line. Energy and key micronutrient intakes such as fibre, calcium and potassium were well below daily recommendations, while sodium exceeded the upper limit. The diet optimization model produced nutritionally adequate menus at a minimum cost of RM8.00 (1800 kcal) and RM8.69 (2000 kcal). Conclusion: The diet optimization model demonstrated that affordable, nutritionally adequate menus for older adults can be achieved at minimal cost that meet nutritional requirements, offering a practical strategy to improve diet quality and reduce nutrition inequities among low-income elderly populations. Future studies should be conducted among older adults of varying socioeconomic and cultural backgrounds, food preferences, and habits to evaluate the model's generalizability.