The purpose of this study was to investigate the changes in health related fitness, β-amyloid and dehydroepiandrosterone sulfate (DHEAs) concentration, in elderly women after 12 weeks of combined exercise. Subjects consisted of fourteen elderly women (control : 7, exercise : 7) whose ages were over 75 yrs and mini mental status examination (MMSE) scores were more than 24. The combined exercise program included stretching for 10 minutes, 30 minutes of low impact aerobic exercise at an intensity above 40∼59% of HRR during 1∼6 weeks and 60∼84% of HRR during 7∼12 weeks, and 20 minutes of resistance exercise composed of muscle strengthening and posture correction. The program was conducted 3 times a week for 12 weeks. We found that peakVO₂ and peakVO₂/weight significantly (P<.05) increased after combined exercise. Also β-amyloid significantly (P<.05) decreased and DHEAs concentration significantly (P<lated with a change in peakVO₂ (r=−0.929, P=0.001) and positively correlated with a change in LDL-C (r=0.799, P=0.031) in the exercise group. The change in DHEAs positively correlated with a change in peakVO₂ (r=0.705, P=0.017) in the exercise group. In conclusion, these results suggest that combined exercise in elderly women (mean age of 75-years) for 12 weeks would play a positive role in cardiopulmonary function, lipid metabolism and dementia risk factors such as β-amyloid and DHEAs.