The review of 5,000 studies on golf and wellbeing found physical benefits increased with the player's age.
The study is part of the Gold and Health Project, which is led by the World Golf Foundation.
The project plans to look at gaps in the research such as golf's links to mental health and muscle strengthening.
Executive director of the Golf and Health project Dr Roger Hawkes said the aim had been to add some "scientific rigour" to statements made about golf and wellbeing.
"For a number of years we've felt we've underplayed the likely benefits of golf on peoples' health," he said.
"We already have a scoping review, outlining what we know already, and we're going to look at that research and the gaps in knowledge so that in five years time we will have really good evidence."
Having this academically firmed up through in-depth research is going to provide real, tangible resource
Lead researcher Dr Andrew Murray said: "Evidence suggests golfers live longer than non-golfers, enjoying improvements in cholesterol levels, body composition, wellness, self-esteem and self-worth.
"Given that the sport can be played by the very young to the very old, this demonstrates a wide variety of health benefits for people of all ages."
The study suggested playing golf could help players meet and exceed minimum government recommendations for moderate to vigorous physical activity.
It claimed that golfers walking 18 holes could cover four to eight miles, while those using an electric golf cart typically chalked up four miles.
Players burned a minimum of 500 calories over 18 holes, it said.
World Golf Foundation CEO Steve Mona said the Golf and Health Project was vital to the development of the sport.
"This project is something we can all get behind, as it is universally agreed that golf is good for you," he said.
"Having this academically firmed up through in-depth research is going to provide real, tangible resources that can be used by governments and politicians, professional tours, governing bodies, golf businesses, PGA Professionals and more - all to the sport's benefit."
The research was released to coincide with the Alfred Dunhill Links Championship in St Andrews this week.
For more information on getting into golf, take a look at the Get Inspired activity guide on the sport.

Animal rescue officer Sian Robertson said they were alerted when a nurse became suspicious while feeding it.
She said: "When I arrived, I took one look at the little fluffy animal and knew she was a fox cub - and a very cute one at that!"
The Scottish SPCA is caring for the animal, now named Husky, and it will be released into the wild in the summer.
Ms Roberston said they were contacted by Julie Innes Veterinary Surgery on Friday, after a nurse became doubtful it was a puppy.
She said: "The nurse had already wrapped her up so I took her up to our wildlife centre where she will be hand-reared with minimal human contact.
"Husky will then be introduced to other fox cubs and will be released during summer in a carefully selected site with the land owners permission."

The blaze at Wythenshawe Hall, which broke out at about 03:30 GMT, destroyed the roof and caused extensive damage to an upper floor.
Insp Luke Breakspear, of Greater Manchester Police, said the fire investigation was in its infancy.
More than 50 firefighters tackled the fire at the timber-framed Tudor hall, which was built in 1540.
Wythenshawe was home to the Tatton family for about 400 years. It was donated to local people in 1926 and was previously run as a museum and art gallery.
Peter Lamb, Incident Commander with Greater Manchester Fire and Rescue Service, said having a sprinkler system would have made a difference to quenching the fire.
"We recommend sprinklers in all buildings where possible - it did have an automatic fire alarm system and thankfully that gave us the early warning which got us here within minutes, whereas if it hadn't had that would have been in serious trouble," he said.
Paul Selby, vice-chair of the Friends of Wythenshawe Hall, said: "As a result of the amazing work of Greater Manchester Fire and Rescue Service the hall is safe - obviously it will need a new roof and some cosmetic work inside."
Source: Friends of Wythenshawe Hall
A regular game of golf is likely to increase life expectancy and lead to better physical health, according to University of Edinburgh researchers.
[NEXT_CONCEPT]
A week-old fox cub was mistaken for an abandoned puppy after it was found by a road and handed in to a vet surgery.
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A fire that badly damaged a 16th Century hall in Manchester is "suspicious", police have said.