The population dynamics in India is undergoing significant transformations, resulting in an increased proportion of aged population (60 years and above). Among multiple concerns, increased levels of social isolation and loneliness are pivotal. The study assessed prevalence of social isolation and loneliness, and their impact on psychological well-being and cognition among the residents of old age homes. Further, efficacy of leisure-based intervention in reducing social isolation, loneliness, enhance psychological well-being, and prevent faster cognitive decline among the older adults was assessed. Participants (n=320) aged 60 years or above were selected using purposive sampling from old age homes in Odisha. Standardized measures like Lubben Social Network Scale-6 (LSNS-6), Revised UCLA Loneliness Scale, Ryff's Psychological Well-Being Scale, and Hindi Mental State Examination (HMSE) were used for data collection. Based on the findings, from the first phase, sixty participants categorised based on their social isolation and loneliness scores were purposively selected for the second phase; and thereafter randomly assigned for the administration of leisure-based intervention framework. Independent sample t-tests, repeated measures t-test, MANOVA, and bootstrapping were employed for data analysis. A high prevalence of social isolation (84.38%) and loneliness (86.88%) was obtained. Statistically significant MANOVA effect was obtained for social isolation (F=3.836, p<.01), and loneliness (F=3.782, p<.01) on psychological well-being. A significant regression equation was obtained (F=19.28, p<.01), suggesting that loneliness significantly impacted cognitive functioning of older adults. Leisure-based intervention was effective across all experimental groups of participants in mitigating social isolation (t= 2.50, p<.05) and loneliness (t= -5.12, p<.01), and enhancing psychological well-being (t=4.66, p<.01) and cognition (t= 4.87, p<.01). The intervention framework can be adapted for older adults to help them maintain better health (SDG-3) and dignity (SDG-10), and thereby have a fulfilling senescence.