The purpose of this study was to investigate the effect of a combined exercise program on body composition, muscle strength, functional fitness, and blood variables for the elderly. A total of 201 male and female subjects with an average age of 75 years participated in the study. Subjects were grouped into an al group (combined exercise group, 104 subjects) and a control group (97 subjects). The experimental group was administered a combined exercise program consisting of aerobic, resistance, and flexibility exercises for 50 mins each time, twice a week, for 8 weeks in total. The control group was not subjected to any experimental treatment. The major findings of this study were as follows. Body composition measurements using indicated no statistically significant change in all variables for the experimental group; the variables were maintained. The control group did not show any significant change in muscle mass and basal metabolism; however, the increase in body fat, body fat percentage, abdominal fat ratio, and body mass index were statistically significant. The measurements of muscle strength of the upper and lower limbs using indicated that the grip strength of the control group was significantly increased, while the rest of the variables were maintained, indicating no statistically significant change. In the case of the control group, a statistically significant decrease occurred in the strength of the quadriceps muscle, hamstring, biceps brachii, and triceps brachii. Further, in the control group, the results of the Senior Fitness Test, which is a functional fitness test for the elderly, indicated statistically significant improvements for Chair sit-and-reach and Back scratch, and Arm curl, 30-sec chair stand, 2-Minute step test, and 8-Foot up-and-go. Only Chair sit-and-reach indicated a statistically significant decrease in the control group. No other variable indicated a significant decrease. An analysis of blood lipids indicated that the experimental group had significant improvements in total cholesterol, triglycerides, and high-density lipoproteins, while the changes in blood glucose and low-density lipoproteins were nonsignificant. For the control group, however, no statistically significant change was observed in all areas. In conclusion, a combined exercise program for the elderly, 75-years or older, appears to be helpful decreased physical functions due to aging and activities of daily living for the elderly, in that the exercise program demonstrated positive effects in the maintenance and improvement of muscle strength and body composition, and was effective in improving blood lipids and elements of functional fitness.