Exercise targeting physical function and body composition may mitigate falls and fracture risk among older adults. This study aimed to identify the most valid instrument(s) to assess quality of life (QoL) in this context by comparing the psychometric properties of the EQ-5D-3L, EQ-5D-5L, CDC Healthy Days measure, Modified Falls Efficacy Scale (MFES), and Work Productivity and Activity Impairment Questionnaire. Data from four exercise trials ( = 210, mean age 64.8 ± 7.4, 79.0% female) were analyzed. Construct validity and responsiveness were compared. There was moderate to strong convergence between the EQ-5D (-3L and -5L) and MFES, and EQ-5D-3L and CDC index (correlation: 0.45-0.61). Only the EQ-5D-3L demonstrated good known-group validity (effect size: 0.98-3.7). Responsiveness was low across all instruments (standardized response mean: -0.33-0.49). The instruments are valid for assessing QoL in older adults at risk of falls and/or fractures. However, variation in their psychometric properties should be considered when selecting instruments for exercise trials.