The purpose of this study was undertaken to clarify whether 12weeks combined aerobic and resistance exercise training-induced decrease in insulin resistance is related to changes in adiponectin concentrations in obese middled-aged women. Subjects were composed of fourteen obese middle-aged women who have not habitual exercise or not participate any exercise program. The combined training group performed that the resistance exercise was composed of 80% of 1RM, 10-12 repetitions per set, 2set, 40 minutes a day for 3 days a week and the aerobic exercise was composed of 40-60%HRR during first 6 weeks, 60-80%HRR during next 12weeks, 50 minutes a day for 3 days a week. Body weight and % body fat were no changed in exercise and control group after 12weeks. LBM was significantly (p<.05) increased in exercise group, but not control group. HDL-C was significantly(p<.05) increased and insulin was significantly(p<.05) decreased, but not TC, TG, LDL-C, AI, glucose in exercise group. HOMA-IR was significantly(p<.05) decreased in only exercise group, but adiponectin did not change in both groups. At baseline, adiponectin correlated with WHR, HDL-C, TG and Change in adiponectin after 12 weeks correlated with body fat mass and %body fat. In conclusion, there was no change in adiponectin concentrations with combined aerobic and resistance exercise training that did not alter body fat mass, despite an improvement in insulin resistance. So, the findings of this study suggest that adiponectin concentrations is not a contributory factor to the exercise-related improvements in insulin resistance.