The purpose of this study was to examine the effects of an aquarobics exercise program on the physical fitness and blood lipids in elderly women. The subjects of the study were twenty-six elderly women enrolled in an Aquarobics exercise program consisting of 60 minutes per session, 3 times a week during the period of 12 weeks. The effects of the program were assessed using the instruments to measure physical fitness and blood lipids before and after the aquarobics exercise program. Data was collected between September and December in 2006, and analyzed by frequency, paired with a t-test, using a SPSS. The results were statistically significant in muscle strength, muscle endurance, flexibility, and cardiopulmonary endurance, but no significant differences were found in agility, total cholesterol, triglycerides and high density lipoprotein cholesterol. Aquarobics exercise can be an effective nursing intervention to improve muscle strength, muscle endurance, flexibility and cardiopulmonary endurance in elderly women.