By applying a case study approach, the present study conducted an in-depth inquiry and analysis to understand the meanings of exercise for the elderly in a situation of limited participation in exercise and discontinued exchanges amid the COVID-19 pandemic and examine the ways that they maintained their health in the pandemic situation. For the participants in old age, exercise meant "Life Energy," "I Realize My Life in Old Age for Myself," and "Self-Management." Being unable to continue their exercise at the center amid the pandemic, the elderly lived a limited daily life with nothing to do and had such emotions and sentiments as "fear and discontinuance" and "lethargy and depression." Refusing to remain lethargic in the situation of fear and anxiety, however, they searched for ways to break through the situation. They began to walk a dog, take a walk, and find ways to exercise by themselves based on YouTube. In addition, they resumed their discontinued social exchanges by doing outdoor activities with their friends and tried to find ways to live a new life again in old age amid the pandemic situation. Living in the pandemic situation combined with rapid aging, the elderly changed their old ways of living. Before the pandemic, they were establishing their old age identity by participating in exercise, having social exchanges, and keeping their health.