New developments in intelligent devices for assisting elderly people can provide elders with friendly, mutual, and personalized interactions. Since the intelligent devices should continually make an important contribution to the smart elderly care industry, smart services or policies for the elders are recently provided by a large number of government programs in China. At present, the smart elderly care industry in China has attracted numerous investors’ attention, but the smart elderly care industry in China is still at the beginning stage. Though there are great opportunities in the market, many challenges and limitations still need to be solved. This study analyzes 198 news reports about opportunities and challenges in the smart elderly care industry from six major Chinese portals. The analysis is mainly based on needs assessment for elderly people, service providers, and the Chinese government. It is concluded that smart elderly care services satisfy the elders’ mental wants and that needs for improving modernization services are the most frequently mentioned opportunities. Also, the frequently mentioned challenges behind opportunities are intelligent products not being able to solve the just-needed, user-consumption concept and the ability to pay, which is the most frequently mentioned challenge. The results of this study will enable stakeholders in the smart elderly care industry to clarify the opportunities and challenges faced by smart elderly care services in China’s development process and provide a theoretical basis for better decision making.