This paper investigates the long-term impact of fine particulate matter (PM2.5) exposure on cognitive function, multimorbidity, and long-term care incidence for the middle- and old-aged adult population in China. We use a nationally representative longitudinal survey from 2011 to 2018. We use respondents’ reported number of chronic diseases to measure multimorbidity and their performance of activities of daily living for long-term care incidence. The adult cognition function is an aggregated measure based on respondents’ scores on both episodic memory and mental intactness.  We use PM2.5 concentrations retrieved from a satellite-based dataset to match the exposure to air pollution for survey respondents. We relate each of the three measures for health in retirement: cognitive function, multimorbidity, and long-term care incidence, to PM2.5, age, gender, and socioeconomic status, controlling for both economic and environmental developments at city level. We find that PM2.5 exposure affects cognition function, multimorbidity, and long-term care incidence in different ways. We also observe different influences of past and current exposures to PM2.5 on the three health measures. We interpret the risk of PM2.5 exposure by comparing that of ageing, and our results provide insights for China and developing countries to plan for public health and retirement policy.