‘养老’ literally combines 养 (yǎng), meaning 'to raise, nurture, or support', and 老 (lǎo), meaning 'elderly' or 'old'. Together, it refers to the act or system of supporting, caring for, and providing for older people—especially in terms of daily needs, health, housing, and financial security. It is commonly used in both personal and societal contexts, such as family-based eldercare or national pension and long-term care policies.

The term carries strong cultural weight in Chinese society, reflecting Confucian values of filial piety (xiào). While it can function as a verb (e.g., 我们要养老), it most frequently appears as a noun—e.g., 养老服务 (elderly care services), 养老金 (pension), or 养老院 (nursing home). It does not refer to animal care or retirement as a leisure activity, but specifically to the holistic support of aging people.