The aging population presents numerous challenges and the design and management of living environments are not an exception. This literature review and analysis brings together topics related to the living environment of the aging population and the concept of sustainability. The article presents the review of the existing design concepts that are applied to planning the environment for the elderly, including (i) design for all, (ii) universal design, and (iii) inclusive design. Furthermore, this review highlights the aspects of sustainability and the peculiarities of the aging population that should be taken into account in the design and management of their living environment. Key points related to sustainable aging are highlighted, and the possibility of complementing the existing design concepts with the concept of biophilic design is proposed in order to strengthen their social, psychological, and ecological aspects.