Purpose : The purpose of this study is to find out the effects of combined exercise including walking and yoga on cognitive functions in the elderly women. Methods : Sixteen elderly women aged above 65 are invited in this study. Each subject participated in exercise three times a week for eight weeks from July 14th to September 13th in 2008. The changes between pre and post exercise are analyzed by Wilcoxon sign rank test and repeated ANOVA test with SPSS (ver 17.0) package program. Results : After exercise, In the below 23 points group, only interference STROOP test (p<.05) among sub items of Cognition Scale for Older Adults (CSOA) is improved significantly. In the above 24 points group, words memory (p<.05), delayed recall (p<.05), and picture naming (p<.05) among sub items of CSOA are improved significantly. But it is no different to the change patterns among two groups. Conclusion : These results show that combined exercise including walking and yoga is helpful to improve cognitive functions. And we find that exercise is helpful in the above 24 points elderly women more than in the below 23 points.