Objective To investigate the diagnostic value of magnetically controlled capsule gastroscope in elderly patients with suspected upper gastrointestinal bleeding. Methods A total of 102 patients with suspected upper gastrointestinal bleeding who underwent magnetically controlled capsule gastroscopy (MCCG) in Ningxia Medical University General Hospital from October 2020 to September 2022 were enrolled, with 38 patients in group A (≤65 years old) and 64 patients in group B (> 65 years old) according to age. The case data, changes of vital signs, detection of lesions and adverse reactions of the two groups were analyzed. Results There were statistically significant differences between group A and group B in age and combined diseases. The changes of vital signs before, during and after examination were not statistically significant. The positive rates of upper gastrointestinal lesions were 92.1% (35/38) and 98.4% (63/64), respectively. The positive rates of upper gastrointestinal bleeding were 60.0% (21/35) and 50.8% (32/63), respectively. The two most common lesions in each group were ulcer and erosion. The detection rates of small intestinal lesions were 84.6% (11/13) and 91.7% (22/24), respectively. Conclusion Magnetic control capsule gastroscopy has good diagnostic value in elderly patients with suspected upper gastrointestinal bleeding, and it is also suitable for elderly patients with upper gastrointestinal bleeding with high safety (and can complete small intestine examination at the same time).