Purpose: This study was to determine the effects of a combined exercise program and telephone counseling in obese middle-aged women. The study also attempted to measure the effects of the program on physiological functions, self-efficacy and depression. Method: This research employed a nonequivalent control group pretest-posttest design. The experimental group consisted of 29 obese middle-aged women, and the control group of 30 women. The subjects in the experimental group participated in a combined exercises program and telephone counseling for 12 weeks. Results: After performing the program for 12 weeks, BMI (p=.000), percent body fat (p<.007), TC (p=.026), TG (p=.035) and depression (p=.012) in the experimental group decreased significantly compared with the control group. Self-efficacy (p=.000) in the experimental group increased significantly compared with the control group after the program. Conclusion: From these findings, it was confirmed that a combined exercises program and telephone counseling for obese middle-aged women can increase self-efficacy and decrease BMI, percent body fat, total cholesterol, triglyceride and depression. Therefore, this program can be utilized for various population groups including women, and further researches are required on programs for men.