Virtual reality (VR) systems are becoming increasingly affordable for the general population. These technologies have potentially beneficial applications in a wide variety of contexts. Primary considerations for enhancing VR experiences in these contexts are the level of immersion enabled by the technology and the level of presence experienced by the user. Older adults are often overlooked during the design and application of VR technologies, even though these types of systems may help overcome certain aspects of the age-related challenges and limitations that they experience. The purpose of this paper is to provide an overview of the applications of VR for older adults and to identify characteristics of older users that could impact the way they experience these advanced technologies. This review culminates in design recommendations for increasing the likelihood that the immersiveness of the VR system has its intended effect on the experience of virtual presence for older adults.