A wearable assistive device has the potential to elicit a pre-rehabilitation effect in elderly people when used as a training tool during regular physical activity and exercise. We developed delayed output feedback control for a wearable hip-assistive robot, the EX1, to provide gait assistance. Our purpose in this study was to investigate the effects of long-term exercise with EX1 on gait, physical function, and cardiopulmonary metabolic energy efficiency in elderly people. This study used parallel experimental (exercise with EX1) and control groups (exercise without EX1). A total of 60 community-dwelling elderly persons participated in 18 exercise intervention sessions during six weeks, and all participants were assessed at 5 time points: before exercise, after 9 exercise sessions, after 18 sessions, and 1 month and 3 months after the last session. Spatiotemporal gait parameters, kinematics, kinetics, muscle activation, metabolic energy cost efficiency, and physical function improved significantly after exercise with EX1. The effectiveness of EX1 exercise was maintained for at least 3 months. Our findings provide evidence supporting the application of EX1 in physical activity and gait exercise is effective to improve age-related declines in gait, physical function, and cardiopulmonary metabolic efficiency among older adults.