This study was designed to investigate the effects of an aquatic exercise program on the physical function and depression among the community elderly. The subjects were 41 cases of aged over 65 who went to elderly college in Hawsung-Kun, Kyeongkee province. Seventeen of them were assigned to control group, while twenty four subjects to the experimental group. The period of data collection was from June., 1999 to November., 1999. The aquatic exercise program was developed by the author with the assistance of rehabilitation medicine doctor and physical therapist in the public health center. The program was carried out once a week for 6 months in regular swimming pool. Data were analyzed with t-test, $X^2$ test, ANCOVA. paired t-test using SAS 6.12. Results were obtained as follows: 1. The increments in the range of motion of the shoulder and knee joints in experimental group after exercise was significantly greater than those in the control group. 2. The physical pain score decreases significantly after the exercise in the experimental group only. 3. The experimental group revealed lower level of depression after exercise than the level before the exercise, whereas control group showed no significant changes in this level. These findings may indicate that the aquatic exercise program is effective in increasing the range of motion of shoulder and knee joints and also effective in decreasing pain, the level of depression. Accordingly. the aquatic exercise program can be adopted as an health promotion program for community elderly.