This study aimed to compare the effects of a multicomponent exercise program and a concurrent exercise program on muscle strength in community-dwelling elderly subjects. Participants (n = 35; male = 17; female = 18; Mage = 69.17, SD = 5.01 years) were screened and included in the study. Among them, 19 individuals were assigned to the multicomponent group, while 16 were assigned to the concurrent group. The results of the repeated-measures ANOVA revealed significant main effects for the group factor (F(1,15) = 66.59, p < 0.001, η2 = 0.81) and the group*time factor (F(1,15) = 16.95, p < 0.001, η2 = 0.53) for the 30-second chair test. Furthermore, significant main effects were observed only for the group factor (F(1,15) = 19.28, p < 0.001, η2 = 0.56) for the 30-second arm curl. Regarding the Timed Up and Go test, significant main effects were found for the group factor (F(1,15) = 35.56, p < 0.001, η2 = 0.70) and the group*time factor (F(1,15) = 11.68, p < 0.001, η2 = 0.43). Lastly, significant main effects were observed for the group*time factor (F(1,15) = 5.19, p = 0.038, η2 = 0.25) for handgrip strength. The multicomponent exercise group displayed a greater mean increase compared to the concurrent exercise group. While both the multicomponent and the concurrent exercise programs were effective in improving muscle strength in community-dwelling older adults, the multicomponent exercise group exhibited superior outcomes compared to the concurrent exercise group across the physical fitness measures. These findings suggest that a multicomponent exercise program may be more beneficial for enhancing muscle strength in this population.