PURPOSE: This study aimed to verify the effects of aquabike exercise on the gait ability and cardiorespiratory and fall-related fitness of older women with obesity. METHODS: The participants were divided into 65-74 years old and 75-82 years old groups. Verified cardiorespiratory fitness and physical changes were compared between the groups. The aquabike exercise used in this study was a combination of water exercise and a fixed bicycle on the ground. A 50-min aquabike exercise was performed three times weekly for 12 weeks. RESULTS: Our study’s results revealed that cardiorespiratory fitness did not show any significant changes between the groups × period of forced expiratory volume, maximum 80% exercise duration, maximum heart rate, and pedals per minute. The number of revolutions increased significantly after the exercise. In relation to gait, there was no significant change between the group × period of time required for walking 6 m and the number of steps, whereas the time required and the number of steps required to walk for 6 m within the groups significantly decreased after exercise. There were no significant changes between the groups × period in 3-m round-trip, five chair-standing, 30-s chair-standing, and relative grip strength of fall-related physical variables; however, the time required to walk a 3-m round-trip and five chair-to-stand within the groups decreased after aquabike exercise. CONCLUSIONS: Aquabike exercise is an effective mediation strategy for older women with obesity, as it is an exercise method that maintains a vibrant life in older age groups as well as walking ability by improving cardiopulmonary and fall-related physical strength.