The aim of this study was to assess the possible relationship between loneliness and malnutrition among older people. The data were collected as part of the Geriatric Multidisciplinary Strategy for the Good Care of the Elderly (GeMS) study. A randomly selected sample (n = 573) of persons 75 years and older was included in the study. Nutritional status was screened with the Mini Nutritional Assessment (MNA). The individuals were classified into two groups, based on their MNA score: (1) well-nourished (i.e., MNA score ≥ 24) or (2) risk of malnutrition/malnutrition (i.e., MNA score < 24). Frequent feelings of loneliness (odds ratio = 1.63; 95% confidence interval, 1.09–2.45] and low Mini-Mental State Examination scores (odds ratio, 1.18; 95% confidence interval, 1.14–1.23) were associated with the risk of malnutrition/malnutrition. We concluded that subjective feelings of loneliness and cognitive impairment were associated with the risk of malnutrition/malnutrition.