Inadequate studies have been conducted in China to examine quality of life in family caregivers. Quality of life in family caregivers for elderly people with chronic diseases was evaluated, and the demographic and characteristic factors of both elderly people and their caregivers were explored. The 36-Item Short Form Health Survey (SF-36) was used to assess health-related quality of life in 407 family caregivers caring for elderly people with chronic diseases in six communities on the Mainland China. The explanatory variables included family caregivers’ demographic and other caregiving variables related to eldercare. Descriptive statistics and multiple linear regression analysis were used in the data analysis, performed via SPSS 17.0. Mean SF-36 and physical and mental component scores were 66.14 ± 17.50, 70.06 ± 16.49, and 62.22 ± 18.51, respectively. The scores of caregivers’ physical function and bodily pain were significantly higher, while the scores of caregivers’ role limitations due to physical problems, general health, vitality, social function, mental health and role limitations due to emotional problems were significantly lower. Caregivers’ ages, comorbidity, the perceived effects of caregiving on caregivers’ social lives and elderly individuals’ ages, marital status and Activities of Daily Living scores were significantly associated with the physical component score. In addition, caregivers’ age, the affordability of the elderly person’s healthcare expenses, the perceived effects of caregiving on caregivers’ social lives, and elderly people’s marital status and ADL scores were significantly associated with the mental component score. Family caregivers for elderly people with chronic diseases showed poorer mental and better physical well-being. Factors of both elderly people and their caregivers impact the caregivers’ quality of life. These findings highlight the importance of addressing mental health of family caregivers, and of providing economical support and psychological care for them.