The purpose of this study was to investigate factorial structure of physical fitness and to construct a test battery for evaluating fundamental physical fitness in elderly women. Fourteen test variables representing muscle strength, muscle power, flexibility, balance, agility and respiratory function were administered to 338 elderly women aged 60 to 89 years by considering the validity, safety and convenience of tests. Factor analysis was applied to the correlation matrix consisting of 14 variables, and 4 factors were interpreted as follows: muscle strength, flexibility, neuromuscular function and respiratory function. It was inferred that factorial structure of physical fitness in the elderly women consisted of the above-mentioned 4 physical fitness factors. Furthermore, the decline of the specificity of physical fitness elements was suggested from the examination of the factorial structure of physical fitness in elderly women. Considering the factorial validity and practicability of tests, the following 4 test items were recommended for assessing the physical fitness in elderly women: X_1 = grip strength (right), X_2 = trunk rotation (left), X_3 = stepping and X_4 = breath-holding. Next, principal component analysis was applied to the variable correlation matrix, and the first principal component was interpreted as fundamental physical fitness factor (FPFF). The multiple correlation between FPFF and 4 physical fitness variables selected Was significant (R=0.876, P<0.01), and 4 test items were considered to be suitable for the assessment of FPFF. The following equation for estimating fundamental physical fitness score (FPFS) was developed; FPFS (A) =1.564X_1 + 0.313X_2 + 0.343X_3 + 0.277X_4-32.853. Further, when the breath-holding test was dangerous to administer for elderly women, FPFS could be sufficiently estimated by the formula by means of the vital capacity (X_5); FPFS (B)=1.382X_1 + 0.275X_2 + 0.334X_3 + 0.010X_5-38.515. Assessment criterion ranking by a 5-point scale in each age was constructed using a regression equation to age.