Physical exercise has been shown to improve balance, gait, and cognitive function in older adults. Interactive cognitive-motor training (ICMT) combines physical exercise and cognitive stimulation, but few studies have focused on the effect of ICMT on static and dynamic balance in older adults. This study aims to improve the balance of older adults to reduce fall-related injuries for sustainable development goals. We randomly assigned 38 older adults to either the ICMT group (n = 22) or the control group (n = 16). The ICMT group participated in 60-min exercise sessions three times a week for 12 weeks, while the control group maintained their regular activities. The static and dynamic balances were assessed before and after the intervention. The results indicated the ICMT group demonstrated significant improvements in static balance, specifically in swing path and velocity (V) in the medial-lateral (M-L) direction with eyes open (p < 0.05). With eyes closed, the ICMT group showed significant improvements in total swing path and area compared to the control group (p < 0.05). In dynamic balance, there was a significant difference in the lateral (L) angle limit of stability (LOS) between the ICMT group and the control group (p < 0.05). In conclusion, ICMT effectively enhances static balance and maintains dynamic balance in older adults.