As a new artificial intelligence product, Companion robots have gradually appeared in the elderly market. However, in practice, older people have low satisfaction and low intention to use companion robots, which makes it challenging to realize the intrinsic value of companion robots effectively. Therefore, this study examined the effect of companion robot anthropomorphism on the satisfaction of older adults through a laboratory experimental study (N = 87) and a questionnaire study (N = 305). The results show that older people have higher satisfaction with companion robots with higher levels of anthropomorphism, and anthropomorphism has a significant positive effect on satisfaction. Psychological distance partially mediated the relationship between anthropomorphism and satisfaction. Perceived control positively moderates the relationship between anthropomorphism and psychological distance and satisfaction. This study aims to expand the existing literature on anthropomorphism and provide practical guidance for designers of companion robots.