Aim The oldest old are in most need of help. The present study examined the association between perceived health, physical functioning and diagnosed chronic disease in a sample of Brazilian nonagenarians and centenarians. Methods The 2008 Brazilian Household Survey dataset was used. The 2008 Brazilian Household Survey interviewed 292 553 individuals aged 14 years and older from the 26 Brazilian states plus the Federal District, selected in a multistage procedure. Our analytical sample focused on those aged 90 years and older. This yielded a final sample of 819 individuals. Logistic regression was used to examine the association between self‐reported health and health conditions. Results Nearly 7% (n = 56) of the total sample were centenarians. High rates of physical limitations and chronic disease were reported by the participants. Participants reporting their health as poor were, on average, twofold more likely to report limitations in activities of daily living, and 1.7‐fold more likely to report a chronic disease. Conclusions Perceived poor health was positively associated with physical limitations and chronic disease in Brazilian oldest‐old. These findings highlight the need for feasible interventions aiming to improve health and quality of life in this population, especially because this is the fastest growing age group worldwide. Geriatr Gerontol Int 2016; 16: 1196–1203.