In the age of smart media, innovation in digital technology has reshaped the cultural consumption patterns and cognitive construction methods of older adults. Focusing on a sample of 24 older viewers, this study employed a combination of grounded theory and in-depth interviews to systematically examine the motivations behind their micro-drama viewing and its impact on their cognitive construction. This study identified five core motivations—social, utilitarian, reciprocal, self-display, and altruistic— that are, in essence, active constructions of meaning in later life. Based on the analytical framework of motivation theory, the study proposes a “viewing-satisfaction-reconstruction” practice model. Through the practice of watching micro-dramas, older adults achieve a behavioral leap from individual emotional satisfaction to collective meaning-making, which enhances their quality of life and happiness in later years. Our findings provide a new theoretical perspective for understanding the characteristics of cultural consumption among older adults in the smart media age.