To compare the effect that two programs of physical exercise have over the memory of elderly people. Methods: This was an intervention study conducted with 79 seniors of both sexes. Individuals included in the study were randomly assigned into two groups: aerobic exercise (39 individuals) and neuromotor exercise (40 individuals). Interventions: The aerobic exercise program consisted of walking activities. The neuromotor exercise program included activities for muscle strength, flexibility, balance, and agility. A total of 36 sessions were conducted with each one lasting approximately 50 minutes, 3 days a week for a period of 12 weeks, for both groups. Main outcomes and measures: The intensity of activity was controlled by the Borg scale (12-16). We evaluated memory performance through a list of figures. Means of the tests for memory performance were compared through Repeated Measures (p £ 0.05). Results: After the intervention period, 44 individuals remained in the sample while 29 remained in the aerobic group and 15 in the neuromotor group. The average age of respondents was 68.81 ± 7.12 years. No significant differences were observed between groups when analyzing the interaction, time, and group according to memory tests. Significant improvements were identified after the intervention period in both groups for the variables nomination and incidental memory. Conclusion: Aerobic and neuromotor exercise programs led to an increase in the memory performance of the elderly in the functions appointment (short-term memory) and incidental memory (long-term memory).