: This study aimed to examine the effects of a low-cost multicomponent exercise program on health-related functional fitness in the community-dwelling aged and older adults. As a second objective, this study compared the exercise program between aged adults (<65 years) and those considered elderly (≥65 years). : Forty-eight participants were included in the exercise program, and their mean age was 64.73 years (±5.93 years). The Senior Fitness Tests were performed by each participant. A dynamometer was used to assess hand grip strength, and body composition was assessed considering the body mass index. Paired-sample t test was used to compare data at baseline and after the exercise program, considering the total sample. Afterwards, a 2 × 2 analysis of variance was used to examine differences within and between groups. Statistically significant improvements in the chair stand (t = -14.06; < 0.001; d = 0.42), arm curl (t = -12.10; < 0.001; d = 0.58), 2 min step test (t = -9.41; < 0.001; d = 0.24), timed up and go test (t = 5.60; < 0.001; d = 0.19), and hand grip strength (t = -3.33; < 0.001; d = 0.15) were observed. There were also significant differences in the back scratch (t = -6.68; < 0.001; d = 0.18) and chair sit and reach test (t = 5.04; < 0.001; d = 0.05), as well as body mass index ( < 0.05). No significant differences were found between groups ( > 0.05). : This study provides evidence that a 24-week low-cost community-based exercise program can improve functional fitness in aged and in older adults. The exercise program supplied the necessary data to construct further randomized controlled trials that can be performed in the community in an environmentally sustainable fashion and applied, not only to the elderly, but also to those transitioning to this age group.