Context. Physiological changes due to the aging process cause balance deficit and increased risk of falls, more frequently in women. Exercises improve balance and prevent falls; and aquatic exercises are recommended as an alternative strategy to improve muscle strength, flexibility, and balance, in a safer environment for older persons. Objective. To evaluate the additional effects of on balance an aquatic muscle strengthening and flexibility training program in healthy sedentary lifestyle elderly women. Method. This controlled clinical trial included 56 healthy sedentary women, aged from 65 to 70 years, divided into two groups. The aquatic group (AG) underwent aquatic training (45 minutes/session, 32 sessions), and the control group (CG) received no intervention. Data were collected pre- and post-intervention, during a one-week period. Lower limb muscle strength was measured by a force sensor (myometer). Flexibility was measured by biophotogrammetry. Functional balance was evaluated by the Performance Oriented Mobility Assessment (POMA) and the Berg Balance Scale (BBS). Results. Muscle strength, flexibility, and balance improved in AG (p<0.001), but not in CG. Conclusion. The aquatic exercises program, which was originally developed to promote muscle strength and flexibility, also improved functional balance. Aquatic training is an option for physical health promotion for sedentary lifestyle elderly women.