Purpose: This study verified and conducted the effect of fun factor of the elderly who participated in oriental medicine Qigong exercise upon health related life quality. Method: For the selection of study participants, the subjects of the study were sampled by convenience sampling and judgmental sampling for the elderly women participating in the Health Qigong held at public health centers in S and K cities in Korea. 212 valid copies of questionnaire were used for analysis. first, exploratory factor analysis was conducted to find out the validity of the variable of fun and the scale of health related quality of life, and the reliability verification was analyzed by calculating Cronbach s ɑ coefficient that checks internal consistency between items. Second, to analyze the effect of fun on the health related quality of life, multiple regression analysis by enter method was conducted, and the statistical level was verified at p<.05. Results: To confirm the multidimensional relationship between the fun factor and health related quality of life of elderly women participating in Health Qigong, this study conducted multiple regression analysis with five lower variables of the health related quality of life factor as the reference variable and fun factor as the predictor. As a result, all effects of fun on the health related quality of life were found at the statistical significance level, and in the standardization coefficients of the predictive variables, it was confirmed that they had influence in the order of pleasure, family support, physical strength and health, interpersonal relationship, and learning relation. Conclusion: This study, it was found that the fun of Health Qigong has an influence on the overall health related quality of life of elderly women. These findings can be said to indirectly suggest that Health Qigong is fun and suitable for elderly women. The results of this study is significant in that they provided evidence that Health Qigong can be used as a positive health intervention program for the elderly women s exercise.