The purpose of this study was to examine the effects of combine exercise on the neurotrophic factor and cognitive function of elderly women for 12 weeks. To this end, 29 persons elderly women aged 65 and over who participated in this study were classified in to the exercise group(n=15) and the control group(n=14), and then the exercise group was three times for 12-weeks, 60 min per session combined exercise was applied. As a result, first, BDNF was significantly increased after combined exercise in the exercise group than before exercise for 12 weeks(p<.01). Second, MMSE-K increased after combined exercise in the exercise group compared to before exercise for 12 weeks, but there was no significant difference. Thus, combined exercise had the positive effects in elderly women and may be helpful to increased neurotrophic factor and cognitive function.