Objective To investigate physical function trajectory mode among the community⁃dwelling elderly in China and its relation with their mild cognitive impairment (MCI). Methods Based on data from the China Health and Retirement Longitudinal Study (CHARLS), a total of 1992 community⁃dwelling elderly people aged ≥60 years at the baseline survey in 2011 and who completed the follow⁃up in 2013, 2015 and 2020 were enrolled as the research subjects, and their relevant information of baseline survey and evaluation results of cognitive function in 2020 were collected. The short physical performance battery was used to assess physical function of the community⁃dwelling elderly, and the group⁃based trajectory model was adopted to identify physical function trajectories. The baseline characteristics of different trajectory groups and MCI occurrence were compared. Logistic regression was employed to analyze the relation between physical function trajectories and MCI in the community⁃dwelling elderly, and the subgroup analysis was performed. Results Three distinct categories of trajectories were identified as follows: low⁃rapid decline (8.3%), moderate⁃gradual decline (42.6%), and high⁃slow decline (49.1%). There were statistically significant differences in age, systolic blood pressure, gender, marital status, hypertension proportion, heart disease proportion, drinking, smoking, Center for Epidemiologic Studies Depression scale⁃10 score, activities of daily living score, grip strength, sleep duration, educational level, and the incidence rate of MCI between different trajectory groups (P<0.05). The results of Logistic regression analysis revealed that without adjusting any covariates, compared with the high⁃slow decline group, the risk of MCI occurrence in the low⁃rapid decline group and the moderate⁃gradual decline group increased (P<0.05). After adjusting for relevant covariates, the aforementioned relation still held (P<0.05). In the subgroups of gender, marital status, hypertension, diabetes mellitus, heart disease, drinking and smoking, the trajectories of the low⁃rapid decline group and the moderate⁃gradual decline group were related to the increased risk of MCI occurrence, and the effect direction was basically the same. There was no statistically significant difference between the subgroups (Pinteraction>0.05). Conclusion Physical function among the community⁃dwelling elderly in China exhibits heterogeneity. Lower level and fast decline trajectories of physical function are significantly related to MCI occurrence risk.