Healthy ageing is defined as a physiological process of chronological progression in age with a physical, mental, social and spiritual well-being from a biopsychosocial perspective. The objective of this article was to update the role of exercise therapy in elderly people by its effect on quality of life in this population. Five systematic reviews were found in our search of PubMed, and the evidence remains inconclusive. Whilst it is understood that a comprehensive exercise program including stretching, strengthening, balance training, aerobic exercise might be beneficial in terms of improvements in physical functioning and bodily pain domains of health-related quality of life, it is uncertain why improvements in some domains of quality of life were not associated with other domains. This unveils the complex multidimensional interaction of biopsychosocial factors in this population.