Aim To describe the prevalence and correlates of alcohol consumption and tobacco smoking among older Australian men. Method Self‐reported alcohol and tobacco use was assessed among a random sample of community‐dwelling men aged ≥70 years living in Sydney (n = 1705) from 2005 to 2007. Logistic regression was used to compute odds ratios (ORs) and 95% confidence intervals (CIs) for factors associated with alcohol and tobacco use. Results The prevalence of heavy/excessive drinking was 19.2%, daily drinking 33.7%, and binge drinking 14.1%. Daily drinking was associated with chronic pain (OR = 1.38, 95% CI: 1.07–1.78). Binge drinking was associated with anxiety (OR = 1.93, 95% CI: 1.05–3.54) and being widowed (OR = 1.74, 95% CI: 1.11–2.73). Six per cent of men were current smokers and 56.7% were former smokers. Former smoking was associated with polypharmacy (OR = 1.47, 95% CI: 1.14–1.91) and each additional comorbid condition (OR = 1.11, 95% CI: 1.03–1.19). Conclusions Nearly one‐fifth of older men drank heavily or excessively. This highlights the need for public health initiatives to reduce alcohol consumption in older people.