In the context of global population aging, pneumonia in older adults has become increasingly prevalent; frequently fatal; and remains challenging to diagnose, treat, and manage in alignment with patient goals. This narrative review synthesized contemporary evidence on pneumonia, particularly aspiration pneumonia, in older adults, integrating perspectives from diagnosis, antimicrobial management, prognosis, prevention, and end-of-life care. In this population, pneumonia often presents with atypical or nonspecific manifestations. Aspiration events are rarely directly observed, and current diagnostic definitions remain imprecise. Outcomes are predominantly driven by host-related factors, including frailty, dysphagia, multimorbidity, functional decline, and malnutrition, and conventional severity scores perform sub-optimally. Evidence from large observational studies indicated that early broad-spectrum or anaerobic-covering antibiotics provided limited survival benefit and may contribute to antimicrobial resistance, underscoring the importance of distinguishing colonization from true infection and adopting a stewardship-oriented approach. Preventive strategies include oral hygiene, postural and dietary modification, judicious medication review, and vaccination against major respiratory pathogens. In individuals with advanced frailty or recurrent pneumonia, multidisciplinary, ethically grounded, and shared decision-making on oral intake, eating and drinking with acknowledged risk, clinically assisted nutrition and hydration, and the role of antibiotics is required. Overall, pneumonia in older adults, particularly aspiration pneumonia, should be regarded as both an infectious disease and a clinical phenotype of age-associated vulnerability, which warrant a multidimensional approach that integrates geriatric assessment, antimicrobial stewardship, targeted prevention, and end-of-life care planning.