The purpose of this study was to evaluate the effectiveness of a combined exercise program focused on the improvement of young women’s physical condition. Materials and methods. The study involved 62 healthy women (an average age of 29.4 years). More than 50 parameters were assessed (anthropometric indicators, physical capacity and motor abilities, functional status of the cardiorespiratory system, etc.). The structure of physical condition of the women was identified using the factor analysis. The transforming experiment lasted for 14 months. Results. The physical development indicators had the largest contribution (33.4%) to the total variance of physical characteristics of the subjects. The second factor related to the functional state and physical performance accounted for 21.6%, the third factor related to coordination abilities accounted for 19.8%, and the fourth factor related to physical fitness accounted for 10.3% of the total variance. Those four factors explained 85.1% of the total variance. The 35 indicators, which were selected by the factor analysis and characterized the women’s physical condition, were used as criteria for the effectiveness of the proposed exercise program. Participation in the exercise program significantly affected the morphological status of women. Functional indicators of the cardiovascular system improved significantly, including resting heart rate decreased by 16.2% (p < 0.05). Muscle strength increased by 32.2% (p < 0.05), speed and strength endurance and speed endurance increased by 31.5% and 49.1%, respectively (p < 0.05). Exercises targeting coordination abilities lead to improvements in balance ability of women as assessed by the Romberg test (increase by 94.0%, p < 0.05) and by the Flamingo test (increase by 65.6%, p < 0.05). Conclusions. The study confirmed the effectiveness of the combined exercise program according to selected criteria. There were significant (p < 0.05) positive changes in physical condition components including physical development, physical fitness, functional state of the cardiorespiratory system and in body balance.