The study was designed to examine the effects of a 13-week outdoor group walking exercise on depression and its’ related variables in elderly women. Twenty-eight elderly women who had depression were volunteered to participate in this study as subjects, and they were randomly assigned to either walking group (WALK: n=14) or control group (CON: n=14). The subjects in WALK undertook walking program for 40-60 min/session, three sessions per week, at the intensity of 50-70% HRR(1-4 weeks; 50% HRR, 5-8 weeks; 60% HRR, 9-13 weeks; 70% HRR) for 13 weeks. Main results of the study were as follows: 1) Body weight, BMI, fat mass, and percent body fat decreased significantly in WALK. 2) CES-D(Centre for Epidemiologic Studies Depression rating scale) score decreased significantly in WALK. 3) Blood pressure, HRrest, and RPP decreased significantly in WALK. 4) Cortisol decreased significantly and HOMA-IR tended to be decreased in WALK. 5) Most physical fitness components improved significantly in WALK. It was concluded that the outdoor group walking program would have positive effects on body composition, depression, cardiovascular function, insulin resistance, and physical fitness.