Introduction Social isolation and loneliness may be associated with increased alcohol use, with mental health mediating this relationship. Older adults are disproportionately affected by poor social health, mental health challenges, and the harms of alcohol use, yet limited research has examined how these factors intersect to influence alcohol consumption. This study used Latent Profile Analysis (LPA) to identify psychosocial health profiles and their corresponding risk of hazardous alcohol use among adults aged 50–70. Setting and participants Participants were adults aged 50–70 residing in the Frankston and Mornington Peninsula Local Government Areas in southeast Melbourne, Australia. Data were collected between September 2023 and July 2024. Methods Psychosocial profiles were derived from validated measures of loneliness (UCLA‑LS), social interaction and satisfaction (DSSI), anxiety (GAD‑7), and depressive symptoms (PHQ‑9). Alcohol use was assessed using the AUDIT‑C. LPA identified distinct psychosocial profiles, and multinomial regression estimated each profile’s relative risk of potentially hazardous alcohol consumption. Findings Four profiles emerged: 1) “low social connection, good mental health”; 2) “low social connection, poor mental health”; 3) “high social connection, good mental health;” and 4) “high social connection, poor mental health”. The low social connection, poor mental health profile had the highest odds of reporting no recent alcohol use (RRR 4.946, CI 2.293–10.668) and of screening positive for high‑risk hazardous consumption (RRR 4.905, CI 1.851–12.998). Conclusion Mental health was the strongest predictor of potentially hazardous alcohol use among adults aged 50–70. However, greater social connection may moderate this risk, underscoring the importance of approaches that address both social and emotional wellbeing in later life.