Purpose: The purpose of this research was to compare the effects of Danjeon Breathing exercise and walking exercise on blood lipids, physical symptoms and hemoglobin of middle-aged women to determine which of these two exercises was more beneficial. Methods: The Danjeon breathing exercise group(20) took health management counseling and performed an eighty-minute Danjeon breathing exercise three times a week for 12 weeks while the walking exercise group(25) took health management counseling and performed a walking exercise seven hours per week for 12 weeks. The control group(20) received only health management counseling. The groups were homogeneous on age, religion, marital status, education, profession, monthly income per household, menopause, smoking, drinking, fat intake and cholesterol intake. Likewise, the groups were homogeneous on total cholesterol, HDL-cholesterol,atherogenic index, hemoglobin and physical symptoms. The collected data were analyzed by using the SPSS PC program and $x^2$-test, ANOVA, repeated measures of ANOVA and LSD. Results: 1. Total cholesterol of the Danjeon breathing exercise group and the walking exercise group were lower than that of the control group. 2. HDL- cholesterol of the Danjeon breathing exercise group and the walking exercise group were not higher than that of the control group. 3. Atherogenic index of the Danjeon breathing exercise group was lower than that of the control group, but atherogenic index of the walking exercise group was not lower than that of the control group. 4. Hemoglobin of the Danjeon breathing exercise group and the walking exercise group were not higher than that of the control group. 5. Physical symptom score of the Danjeon breathing exercise group was lower than those of the walking exercise group and the control group, but Physical symptom score of the walking exercise group was not lower than that of the control group. Conclusion: Danjeon breathing exercise and walking exercise are effective for decreasing total cholesterol of middle-aged women. Danjeon breathing exercise is more effective for decreasing atherogenic index and physical symptoms of middle-aged women than walking exercise.