Immersive virtual reality (iVR) has gained considerable attention recently with increasing affordability and accessibility of the hardware. iVR applications for older adults present tremendous potential for diverse interventions and innovations. The iVR literature, however, provides a limited understanding of guiding design considerations and evaluations pertaining to user experience (UX). To address this gap, we present a state-of-the-art scoping review of literature on iVR applications developed for older adults over 65 years. We performed a search in ACM Digital Library, IEEE Xplore, Scopus, and PubMed (1 January 2010–15 December 2019) and found 36 out of 3874 papers met the inclusion criteria. We identified 10 distinct sets of design considerations that guided target users and physical configuration, hardware use, and software design. Most studies carried episodic UX where only 2 captured anticipated UX and 7 measured longitudinal experiences. We discuss the interplay between our findings and future directions to design effective, safe, and engaging iVR applications for older adults.