Through this cross-sectional study, we aimed to examine the association between future time perspective (FTP) and well-being among older adults, with age stereotypes as a moderator. The participants, 333 Chinese older adults (60–88 years), completed measures related to FTP, age stereotypes, and well-being. The results showed that opportunity and limitation emerged as two subcomponents of FTP, and their effects on well-being depended on older adults’ negative age stereotypes. Specifically, for older adults holding less negative age stereotypes, FTP-opportunity and FTP-limitation had a positive effect on well-being, whereas for older adults holding more negative age stereotypes, FTP-opportunity’s positive effect became stronger and FTP-limitation’s positive effect became weaker and even detrimental. These results indicate that certain qualifiers should be taken into account when considering the relationship between FTP and well-being. These findings contribute to the theoretical understanding of the role of FTP in older adults’ well-being.