The purpose of this study is to examine the effect of stabilization, resistance exercise, and combined exercise for lumbar on balance and walking ability of elderly. This study selected 22 subjects of over 65 years old elderly women who satisfy the study condition from A, B and C Senior Citizen's Center, in Daegu. The subjects were divided into groups; 7 for resistance exercise group, 8 for stabilization exercise group, and 7 for combined exercise group(resistance and stabilization exercise). The exercises were conducted for 60min a day, three times a week for 12 weeks. Balance and walking ability were checked before the exercise, 6 weeks later, and 12 weeks later. First, all lumbar muscle strengthening exercises were effective for static balance which changed according to exercising period. In dynamic balance, the resistance exercise group showed significant improvement in sit to stand. Stabilization exercise group showed significant improvement in all factors. The combined exercise group showed significant improvement in sit to stand and timed up and go. There was no difference between the exercise types. Second, the resistance exercise group showed significant change in Cadence which changed according to exercising period. The combined exercise group showed significant improvement in all factors. Between the exercise types, combined exercise was a bit more effective than resistance exercise. According to the result of 12 weeks of lumbar muscle exercise, combined exercise is considered to be the most effective exercise to prevent fall as it helps balance and walking ability slightly more than other exercises. Therefore, this study can understand the risk factors for fall accidents that frequently occur among elderly and adopt the combined exercise to prevent fall which in turn will prevent secondary problems occur from fall accidents and improve quality of life of elderly.