Population aging and the middle-income trap are serious problems felt worldwide, especially in terms of their powerful influence on economic growth. In order to explore the relationships among population aging, middle-income trap, and economic growth, this study uses a panel data of 27 economies in Asia from 1995 to 2016. The primary finding of this study is that lower-middle-income economies are facing the problem of middle-income trap, indicating that the economic growth rates of lower-middle-income economies are slowing down. In addition, population aging has a statistically significant and negative influence on the growth rate of GDP in the high-income economies, but it has a statistically significant and positive influence on the growth rate of GDP in the low-income and lower-middle-income economies. This study suggests that increasing women’s labor participation, technology innovation, and immigration could solve the problems of population aging and the middle-income trap.