The aim of this study was to determine the impact of COVID-19 restrictions on older adults’ perceived health and well-being according to different types of participation in sport and physical activity by gender and region. A survey was implemented during the first COVID-19 lockdown in Australia (June 2020) and information collected on demographics, sport and physical activity patterns pre-COVID-19, and health and well-being outcomes during lockdown and compared to 1 year earlier. During COVID-19 lockdown, older adults who participated in both club sport and informal activities had significantly better general health, physical health, and resilience than those who participated solely in a single setting. Those participating in both team and individual activities reported better general well-being. Older adults who were active in a range of settings and modes had improved health and well-being. Social support is especially important for older adults to become and remain active.