Purpose: The purpose of this study was to examine the effects of long-term exercise on the health-related physical fitness, cognitive function, and ego-resilience of elderly women. Methods: Twenty-four elderly women at a welfare center were randomly assigned to either the experimental group (n=12) or the control group (n=12). The experimental group performed a 24-week program of combined exercise (aerobic and anaerobic) comprising two 90-min sessions per week. The control group performed no exercise. The mean of each dependent variable for each group was measured at the start (pre-test), midpoint (intermediate-test, 12 weeks), and end (post-test, 24 weeks) of the experimental program and the results were compared with two-way ANOVA repeated measure. Results: Body fat, flexibility, upper body strength, balance, and cardiorespiratory endurance of the experimental group showed a significant difference between pre- and post-tests. There was no significant difference in any of the factors except the lower muscle strength (p<.05). In the two sub-variables of cognitive function, namely short-term memory and the number of correct responses, the experimental group, but not the control group, showed a significant difference between pre- and post-tests (p<.001). In ego-resilience, the experimental group showed a significant difference between pre- and post-tests, and between intermediate- and post-tests (p<.001), but no significant difference was found in the control group. Conclusion: It was concluded that long-term combined exercise is effective for improving health fitness, cognitive function, and ego-resilience in elderly women.