Introduction: Physical capacity (PC) is a strong determinant of health, quality of life, and functional independence in older adults. Having reference values for PC specific to a particular region allows for a contextual interpretation of an individual’s level. Objectives: The objectives of this study were to describe the evolution of key aspects of PC during the aging process and provide reference values for the major components of health-related PC for the older adult population in Northwest Mexico. Methods: A total of 550 independent older adults (60–84 years, 70% women) from the city of Hermosillo (Sonora, Mexico) were included between January and June 2019. PC was assessed using the Senior Fitness Test Battery (SFTB) and grip-strength test. Reference values were established for 5-year age groups, providing percentile values at 10, 25, 50, 75, and 90. The percentage decrease in functional capacity with aging was determined via a linear regression analysis of age against the percentage value of each subject relative to the average value of 60-year-old individuals of the same sex. Results: Statistically significant differences in the results between men and women within the same age group were few and inconsistent, except for handgrip strength, which was lower in women across all age groups. The functional level, with respect to reference values for each age and sex group, was similar between men and women. The most pronounced functional decline during the aging period occurs between 70 and 80 years of age. The various tests generally show an annual percentage loss of approximately 1% from 60 years of age. Conclusions: This is the first study in Mexico that provides reference values for physical capacity using the Senior Fitness Test Battery. In general, older adults—both men and women—show similar functional levels with respect to their respective reference values. In general, an annual decline of 1% from the age of 60 years occurs.