Increasing misinformation spread, including related to COVID-19, is concerning and poses a particular threat to older adults given their enhanced subjective risk perception, disease-related risk, and impaired decision making. To date, psychological factors contributing to news veracity detection in aging are not well understood. This study determined the role of (i) analytical reasoning; (ii) mood; and (iii) news consumption on real and fake news detection among older adults during the COVID-19 pandemic; and examined (iv) the extent to which news content moderated these associations. Participants were randomly assigned to view either COVID-related (N = 119) or non-COVID (N = 123) news articles, followed by analytical reasoning, mood, and news consumption measures. Accuracy for non-COVID fake news was higher than accuracy for non-COVID real news; with this effect not present for COVID-related news. Further, higher analytical reasoning (but not mood or media consumption) was associated with greater non-COVID fake news accuracy, while accuracy for non-COVID real news, or COVID-related real and fake news, did not vary by analytical reasoning ability. Uniquely extending previous work into aging, the novel findings generated here are discussed in the context of psychological mechanisms underlying news veracity detection and related decision-making processes during the COVID-19 pandemic.