Purpose: The aim of this study was to investigate the effects of an exercise program using a virtual reality game and a gait exercise program using a treadmill on % maximum voluntary isometric contraction (%MVIC) and static and dynamic balancing capabilities. Methods: A total of 26 elderly women were included in the study. 13 women were assigned to an exercise program using a virtual reality game, and 13 to a gait exercise program using a treadmill. The subjects performed the exercise for 40 min per session, three sessions per week, for eight weeks. Results: The %MVIC of the vastus medialis was significantly increased from $28.91{pm}2.03%$ to $32.98{pm}2.6%$ in the virtual reality game exercise group (p<0.00). The %MVIC of the vastus lateralis was significantly increased from $27.17{pm}1.93%$ to $31.50{pm}2.18%$ (p<0.00) in the gait exercise program group. The whole path length with both feet on the floor and eyes open was significantly decreased from $1570.92{pm}820.6mm$ to $1343.62{pm}242.41mm$ (p<0.00). The whole path length with both feet on the floor and eyes closed was significantly decreased from $1819.85{pm}361.14mm$ to $1581.05{pm}285.11mm$ (p<0.00). The length of a functional reach was significantly increased from $25.2{pm}4.23cm$ to $27.68{pm}4.04cm$ (p<0.00). Conclusion: The exercise program using a virtual reality game is effective for improving the %MVIC and static and dynamic balancing capabilities in elderly women aged 65 years and more.