The labor force participation is important for the growth and development by increasing the economic activities. This study aims to investigate the socioeconomic and demographic factors and the effects of 2008 financial crisis influencing the labor force participation decisions of individuals in working age using discrete dependent variable panel data models. For this purpose, the 2007-2010 Income and Living Conditions Survey Panel Data Set covering the 2008 crisis is used. Since women's labor force participation rate in Turkey is low, separate models are estimated for men and women enabling us to compare the results. According to the findings, the probability of labor force participation is increasing in both women and men during the crisis. The increase in labor force participation is due to the increase in unemployment in women and employment and unemployment in men. Having a university degree is an important determinant of women's labor force participation and employment. While being married and having a child decrease the probability of labor force participation for women, increase the probability of labor force participation for men.