Exercise is an important strategy for preventing chronic diseases and promoting the health of older adults. The purpose of this research was to evaluate the effects of an outdoor walking exercise program on the cardiorespiratory function, the flexibility, and the emotional state of elderly Korean women. A nonequivalent control group, pretest-posttest design was used to measure the effects of the exercise program. The subjects were 27 females between the ages of 60 to 75 years. The intensity of the walking program was 40–60% of the target heart-rate with a duration of 50–60 min, 3 times per week at an outdoor track for 8 weeks. The effects of the program were assessed by maximal oxygen uptake (VO2max), resting pulse rate, blood pressure, Forced Vital Capacity (FVC), Forced Expiratory Volume per 1 second (FEV1) for cardiorespiratory function, the “sit and reach test” for flexibility, and by the Profile of Mood States (POMS) for emotional state. The physical function and the emotional state of the experimental group improved significantly more than that of the control group except FEV1 and the anger factor of POMS. The VO2max and the flexibility of elderly women in the experimental group progressively improved as the duration of the exercise period continued. The results of this study suggest a practical and easy method of exercise to enhance the health of older women.