The purpose of this study was to investigate effects of 12weeks` water exercise programs on physique, physical fitness, body composition and blood lipid. The subjects of this study were 21 elderly women. All subjects participated in water exercise program 3times a week for 60-90 minutes. The water exercise program consists of walking, jogging and jumping. Before and after 12 weeks` water exercise program, 21 subjects were measured in body circumference, flexibility, strength, muscular endurance, cardiovascular endurance, percent body fat, skinfold thickness, and blood lipids. The results of this study were as follows. 1. Neck, chest, waist, hip and ankle circumference were decreased significantly. (p＜.05, p＜.01) 2. Physical fitness variables(flexibility, strength, muscular endurance, cardiovascular endurance) were increased significantly. (p＜.05, p＜.01) 3. Percent body fat and thigh, abdominal and suprailiac skinfold thickness were decreased significantly.(p＜.01) 4. Blood lipids(total cholesterol, HDL-cholesterol, LDL-cholesterol, triglyceride, total lipid) were not changed significantly. In conclusion, the following points were drawn. 1. Based upon the decrease of neck, chest, waist, hip and ankle circumference, water exercise is considered as the efficient exercise for women to make ideal body shape . 2. The most increased variable was physical fitness, and the second one was %fat Among the physical fitness variables, muscular endurance was most highly increased. Therefore, physical fitness exercise, especially muscular endurance program, may as well be performed before conducting obesity program. 3.Hereafter we will have to analyze the reason why there were no significant differences of blood lipid, in spite of significant effects on physical fitness and %fat.