Currently, we are witnessing changes in the characteristics of societies in developed countries, which are experiencing a marked aging of their populations. This makes it essential to conduct research focused on these populations and aimed at better understanding what can contribute to their quality of life and well-being. This study sought to understand whether physical exercise could be effective in improving the positive psychological functioning of older adults, using both subjective and psychological well-being models. The sample consisted of 33 older adults, aged between 55 and 95, divided into the experimental group (21 participants), composed of a group that practiced gymnastics and a group that practiced water aerobics and gymnastics, and the individuals who made up the control group (12 participants). We concluded in our study that, in general, physical exercise has an effective and differentiating effect on the positive psychological functioning of older adults when physically active individuals are compared with inactive individuals.