The purpose of this study was to examine body composition and bone mineral density of old women who have participated combined exercise(treadmill walking+resistance exercise, n=15), swimming(n=14), or bicycle(n=13) exercise program. Subjects were over 55 years old and have been exercising for more than 5 years. Body composition, bone mineral density of lumbar spine, femoral neck, trochanter, ward's triangle were measured from exercise groups(combined, swimming, bicycle) and control group(n=14). One way anova was used for statistical analysis. Results were as follows: First, % body fat of control group was higher than the exercise groups but it was not statistically significant. Second, bone mineral density(BMD) of lumbar spine(L2, L2~4) in exercise groups were significantly higher than that of control group(p<.05, p<0.01), but there was no difference among exercise groups. Third, BMD of proximal femur(femoral neck, trochanter, ward's triangle) in bicycle group were significantly higher than those of control group(p<0.05, p<0.01). Ward's triangle in combined exercise group was significantly higher than that of control group(p<0.05). There was no significant difference in BMD of proximal femur between swimming group and control group and there was no significant difference among exercise groups. Results of this study showed that bicycle exercise and combined exercise program of moderate intensity is more effective in preventing bone loss than swimming program, and swimming exercise still could play a positive role in general health of old women.