Objectives: The aim of this study was to evaluate the effects of exercise on the cardiovascular and musculoskeletal variables and quality of life in elderly women. Methods: The study subjects were 22 in experimental group and 21 in the control group, all of who were aged 65 years and over. The subjects in the experimental group were under an exercise program 3 times a week for one year. To assess the effects of exercise in the study group, blood pressure, heart rate, lipid profile, bony metabolism, grip strength, flexibility, reaction time, and quality of life were measured. Results: Exercise showed the significant differences between experimental and control groups on the variables of the diastolic blood pressure, HDL-cholesterol, urinary deoxypyridinoline, flexibility, and quality of life. Compared to before the exercise in the study group, the urinary DPD level and quality of life were significantly improved at 3 months, and diastolic blood pressure, serum HDL-cholesterol, and flexibility were significantly improved by 1 year. Conclusions: The study results underscore the efficacy of exercise and the need for regular exercise programs that are designed for older persons.