Recent studies show positive effects of acute exercise on language learning in young adults with lower baseline learning abilities; however, this is yet to be investigated in older adults. This study investigated the acute effects of different exercise intensities on new word learning in healthy older adults with lower and higher baseline learning abilities. Sixty older adults (mean age = 66.4 (4.6); 43 females) performed either a single bout of stretching exercise, moderate-intensity continuous exercise, or high-intensity interval exercise followed by a word learning task. In lower baseline learners, between-group differences were observed on immediate new word recall success, with the moderate-intensity continuous exercise group performing better than the stretching group. These findings suggest immediate benefits of moderate-intensity continuous exercise that are limited to word learning performance of older adults with lower baseline learning abilities. Further investigation into underlying mechanisms could lead to a better understanding of individual differences in responding to acute exercise.