Abstract <p>Falls among older adults represent a significant public health concern. This study, using a two-group posttest-only randomized experimental design aimed to investigate whether an 8-week combined exercise program reduces fall risk by improving vibration sense, proprioception, muscle strength, static balance, reaction time, and postural stability in women aged 65 years and older, compared to their matched sedentary counterparts. A total of 42 individuals who performed regular exercise (study group) and 42 age-matched participants with a sedentary lifestyle (control group) were included. Participants in the exercise group engaged in a combined exercise program under the supervision of a physiotherapist, 2–3 days per week for 8 weeks. Physical activity levels were assessed using the International Physical Activity Questionnaire (IPAQ)-Short Form. The variables evaluated included vibration and proprioception senses, isometric ankle muscle strength, static balance, postural stability, and reaction time. The Morse Fall Scale (MFS) was used to assess fall risk for each participant. The study group showed statistically significant improvements in ankle proprioception, isometric plantar and dorsiflexor muscle strength, static balance, ankle reaction time, postural stability, and fall risk outcomes compared to the control group (<i>p</i> &lt; 0.050). In contrast, vibration sense and isometric invertor and evertor muscle strength did not differ significantly between the two groups (<i>p</i> &gt; 0.050). Regular participation in an 8-week combined exercise program significantly enhances sensory-motor functions, reduces fall risk, and improves overall postural stability in older females aged 65 and above. These findings highlight the critical role of structured exercise in fall prevention strategies for this population.</p>