Purpose: The purpose of this study was to examine the effect of a moderate-intensity, walking exercise program on the body composition, blood lipids and psychosocial outcomes in postmenopausal obese women. Methods: With a quasi-experimental pre- and post-test design, a total of 36 postmenopausal obese women was recruited in 2 metropolitan areas by convenience sampling. Sixteen women participated in 1 hour of moderate-intensity walking exercise 5 days per week for 3 months and 20 women did not. Cardiovascular risk factors include body composition and blood lipids. Body composition was measured as body mass index, % body fat, and waist/hip ratio; Blood lipids were measured with total cholesterol, triglyceride, HDL and LDL; psychosocial outcomes were evaluated by self-esteem and depression. Results: Over 3 months, the score of self-esteem increased and depression decreased in the exercise group relative to the control group. However, there were no significant differences in body composition and blood lipids. Conclusions: This study suggests that 3 months of moderate-intensity exercise training can improve psychosocial outcomes but further studies are needed to replicate walking exercise on physiologic variables among postmenopausal obese women. These findings are of public health relevance and add a new facet to the growing literature on the health benefits of moderate exercise.