Although any type or amount of physical exercise may reverse the cellular processes that lead to the aging, regular physical exercise can attenuate the decline in physical and functional abilities observed in elderly. Currently, the most encouraged activities in gyms and clubs are resistance training, functional training, and hydrogymnastics. The main objective of this study was to compare the effects of the aforementioned exercises regarding muscle strength, flexibility, functional capability and quality of life of elderly women. We divided 36 elderly women in four groups: Sedentary (S); Hydro-gymnastics (H); Functional Training (F); or Resistance Training (RT). The results reveal that the groups engaged in physical exercise showed a significant difference (p < 0.05) in relation to S in all evaluations. The results also show that between the different exercises evaluated, resistance training practitioners have greater strength and better functional capability.