The effects of Proprioceptive Neuromuscular Facilitation (PNF) and elastic band exercise on the physical functions and blood lipids of obese elderly women were investigated. The experimental group (n1=16) patients underwent PNF for 12 weeks, and the control group (n2=15) patients performed elastic band exercises. SPSS 21.0 was used to compute the means and standard deviations. After the 12-week PNF, both the experimental and control groups showed statistically significant differences in the physical functions (cardiovascular endurance, strength of the lower extremity, muscular endurance, flexibility, balance, and agility) (p<.05), but the difference in the experimental group was more significant than that in the control group (p<.05). In terms of the changes in the blood lipid levels (total cholesterol, triglycerides, high-density lipoprotein, and low-density lipoprotein), the experimental group showed significant changes (p<.05). In conclusion, PNF was confirmed as more effective than elastic band exercise in improving the physical functions and blood lipid levels of obese elderly women.