Despite its prevalence and significance, late life depression is underrecognized and undertreated. This study aimed to investigate the effect of a long-term exercise intervention on depressive symptoms in older Korean women. Thirty older women were assigned to exercise (n = 15, age of 80.8 ± 3.8 years) or control group (n = 15, age of 78.6 ± 3.2 years). The exercise group underwent a resistance exercise plus walking two times weekly on nonconsecutive days for 6 months. Post-intervention change in depressive symptoms was regarded as the primary outcome. Secondary outcomes included changes in body composition and physical performance. Repeated measures analysis of variance showed significant group by time interactions for depressive symptoms (F(1,23) = 37.540, p < 0.001), percent body fat (F(1,23) = 6.122, p = 0.021), lean body mass (F(1,23) = 5.662, p = 0.026), waist circumference (F(1,23) = 4.330, p = 0.049), handgrip strength (F(1,23) = 10.114, p = 0.005), 6-min walking (F(1,23) = 28.988, p < 0.001), and 2.44-m Up & Go (F(1,23) = 28.714, p < 0.001). The current findings support regular exercise as a therapeutic strategy to promote overall and mental health in older Korean women with depressive symptoms.