This study aimed to investigate the relationship between walking speed and higher-level functional capacity in community-dwelling older women. Data were collected from 91 healthy Japanese women aged ≥65 years (mean age, 78.7 years) in Ibaraki City, Osaka Prefecture. Participants’ higher-level functional capacity was assessed using the Japan Science and Technology Agency Index of Competence (JST-IC). Participants were categorized into two groups based on walking speed (faster or slower than 1.0 m/s). Logistic regression analysis revealed that grip strength [odds ratio (OR): 0.84; 95% confidence interval (CI): 0.713-0.992], the total JST-IC score (OR: 0.82; 95% CI: 0.675-0.997), and the JST-IC subscale for use of technology (OR: 0.54, 95% CI: 0.309-0.958) were significant factors associated with decreased walking speed. The decreased walking speed observed among community-dwelling older women was related to cognitive aspects such as processing and spatial perception, as well as the use of technology. Maintaining physical and cognitive functions, particularly hand function, is crucial for preserving or improving walking speed, a barometer of health.