Objectives: The purpose of this study was to evaluate the effects of 12 weeks walking exercise program participation on changes in aging-related hormones concentration in elderly men. Methods: 16 elderly men(above 65 years old) were participated in 12 weeks walking exercise program by group types(exercise group ; n=8 & control group ; n=8), and their aging-related hormones(GH, testosterone and melatonin) levels were assessed before program(0 week) and after program(12 weeks). Regularly walking exercise program(field walking exercise) performed for 12 weeks(3days/week, 60~70min/day, HRR 55~65%). All data were expressed as mean and standard deviation by using SPSS/$PC^+$(ver. 13.0) program, and to evaluate the differences before and after treatment by groups, data were analyzed by paired t-test(a${leq}$.05) and 2-way ANOVA was performed to examine the differences between groups and within groups by variables. Results and Conclusion: The conclusions obtained from this study were as follows ; In growth hormone. testosterone and melatonin response after 12 weeks exercise was increased significantly in walking exercise group(p<.01; p<.001; p<.001). And in result of 2-way ANOVA analysis for group, exercise, group${ imes}$exercise, as compared with the exercise, there is significant difference in all items. Interaction effect of between group and exercise is difference significantly on GH(F=5.915, p<.05), testosterone(F=15.117, p<.01) and melatonin(F=8.131. p<.01) in all groups. We observed a direct relationship(positive improvement) between the regular physical activity and aging-related hormones(growth hormone, testosterone and melatonin concentrations) in elderly men.