Background Group and home‐based exercises to improve function in people with multiple sclerosis (MS) are common but have little underpinning evidence. Objective To determine the comparative effectiveness of a center‐based group versus home‐based individual 8‐week exercise program to improve gait and balance in people with MS. Design Prospective, randomized controlled trial. Setting Community center‐based and home‐based exercise program. Participants Fifty people with MS were randomized and completed allocated intervention (n = 26 center, n = 24 home), 47 completed post‐assessment and 44 follow‐up assessment. Methods The center‐ and home‐based groups completed an 8‐week progressive functional and balance training exercise program. The center‐based groups of four to six were supervised by a physiotherapist. The home‐based group was provided with telephone support. Main Outcome Measurements The primary outcome was gait speed (10‐meter walk test). Secondary outcomes were gait endurance (6‐minute walk test) and balance (Berg Balance Scale). Outcome assessments were conducted at baseline, immediately postintervention and at 8‐week follow‐up. Results There was no statistically significant difference between groups in gait speed post training, with a mean difference of 0.01 m/s, 95% CI −0.36 to 0.37. There were no group effects, time effects, or interactions for gait speed, endurance, or balance. In both groups, gait speed improved to a level that met minimal clinically important differences. Conclusions Gait speed, endurance, and balance did not statistically improve in either group; however, gait speed changes met minimally important differences.