The 36-year-old actress doesn`t want to give into the pressure in Hollywood of having surgery to stay looking young and is inspired by her grandparents` attitude to old age.
She said: "I never want to lie about my age. If I look around at the actresses I admire, they are all women who have not fought growing older, but embraced it - women like Sophia Loren or Audrey Hepburn.
"I was very close to both of my grandmothers growing up - they lived long into old age and they were always beautiful to me. They loved life and it showed in their faces. Of course my face will change as I get older, but that`s OK. It`s a good thing to be old, because that means you haven`t died yet right? And when I do get older, I want to have the grace to be proud of it, not to lie about it or try to fight it."
And Penelope - who recently married Spanish actor Javier Bardem - insists the people closest to her in her life shouldn`t want her to change her appearance.
She added in an interview with You magazine: "The people who love me, love me for who I am. They love me for a mixture of things that makes anyone love another person, and those things will still be there when I am 40, 60 or 80."
Although she has a super-slim figure, the `Pirates of the Caribbean: On Stranger Tides` star admits she enjoys indulging in calorie-laden treats.
She revealed: "My favourite foods are bread and pasta, Coca-Cola and fried foods."