The effect that aerobic (AT) and/or strength training (ST) has on altering peak aerobic power (VO_2peak), muscle strength, left ventricular (LV) morphology, and diastolic filling in healthy older women is not known. We assessed the effects of 12 weeks of AT, ST, combined aerobic and strength training (COMT), or no training (NT) on VO_2peak, muscle strength, LV morphology, and diastolic filling in 31 healthy women (68 ± 4 years). Relative VO_2peak was significantly greater after 12 weeks of AT, ST, or COMT. Upper and lower extremity strength were significantly higher after 12 weeks of ST or COMT with no change after AT or NT. LV morphology and diastolic filling were not altered after 12 weeks of AT, ST, COMT, or NT. Twelve weeks of ST or COMT are as effective as 12 weeks of AT for increasing relative VO_2peak, however, ST and COMT are more effective than AT for improving overall muscle strength.