The purpose of this study was to clarify the fall risk characteristics of the elderly participating in an exercise class. The subjects were comprised of 206 elderly Japanese aged 60 or older (37 males, 169 females) who participated in an exercise class, approved by the local government, once a week for 6 months. Physical fitness and ADL capability were evaluated by the physical fitness test of the Ministry of Education, Culture, Sports, Science and Technology. Fall risk was evaluated using the Fall Assessment Chart. Subjects were divided into two groups, high fall risk (total fall risk score ≥5) and low fall risk (total fall risk score <5), and the percentage of subjects in the high risk group was calculated. The percentage of subjects with a high fall risk was 15.8%, lower than the documented rate of the community-dwelling elderly in a previous study. Significant differences between fall risk groups were found in balance and ADL capabilities of walking, holding and changing posture and muscular strength. These functions also were significantly related to fall risk elements such as fall anxiety and slipping or stumbling at home in the partial correlation analyses. Improvement of these functions during exercise class may be useful in decreasing fall risk in the elderly.