Purpose: The study examined the effects of an aquatic exercise program on physical fitness, body composition and quality of life in 25 elderly women. Methods: Subjects participated in an 8-week aquatic exercise program. Sessions ran three times weekly for 60 min. The 60 min consisted of a 10-min warm-up, 40-min exercise and 10-min cool-down. Change of physical fitness, body composition and quality of life were measured and statistically analyzed before and after the aquatic exercise program. Results: Flexibility was significantly increased (p=.000), body fat rate was significantly decreased (p=.041), body mass index was significantly decreased (p=.003), and abdominal fat rate was significantly decreased (p=.025). Conclusions: Aquatic exercise has health benefits for elderly women.