Background and objectives: Starting the multicomponent training sessions with aerobic-based exercises or resistance-based exercises may have different effects on functional fitness and body composition. Thus, the aim of this study was to assess the effects of the order of exercises in elderly women's physical fitness and body composition by multicomponent training. Materials and Methods: A sample of 91 elderly females, aged between 60 and 81, were randomly divided into three groups (A, B, C). Each group performed the following order of exercises: Group A consisted of warm-up followed by aerobic training, strength training, stretching and cool down; Group B consisted of warm-up followed by strength training, aerobic training, stretching and cool down; while the control group (C) did not perform any exercise. Functional fitness and body composition were assessed at 3 moments of the 32 weeks (baseline and after each 16-week) intervention. One-way ANOVA for comparison between groups, ANOVA for repeated measures and multiple linear regression were used for statistical analysis. Results: The results showed that the functional fitness and body composition varied over the 32 weeks of multicomponent training. However, group A seems to show higher improvements in more variables. Conclusion: In the current study, group A obtained better results in most of the evaluated parameters. Thus, to improve functional fitness, warm-up, followed by aerobic training, strength training and relaxation may be the most suitable training for elderly women.