Purpose: The purpose of this study was to analyze the effect of aquatic exercise and to identify directions for future research. Methods: Twenty one articles from 2 sites of article database (1990-2010) and 6 from Korean nursing journals were reviewed. Results: There were 20 quasi experimental design and 1 randomized controlled design. Major subjects of research were older women with arthritis. The most common type of exercise was Kim (1994)’s form. The most frequent duration of exercise was over 6 weeks. Outcome measurement was classified to physical and psychosocial variables. For physical outcomes, pain release was found in 13 articles among 15 articles, muscle strength improvement in 5 articles among 10 articles, flexibility improvement in 5 articles among 9 articles, and balance improvement in 3 articles among 6 articles. For psychosocial outcomes, improvement of quality of life was found in 3 articles among 7 articles and self-efficacy improvement in 5 articles among 7 articles. Conclusion : The effect of aquatic exercise over 6 weeks improves the physical and psychosocial functions. It is suggested that meta analysis needs to be done to integrate the various results.