Introduction: Elderly has a slower walking speed and an increased risk of falling. Decreased muscle mass and strength contribute to decreasing the ability to produce strength and accuracy responses to maintain balance and reduce walking speed. The Otago exercise program is a fall prevention exercise program for the elderly consist of lower limb strengthening exercises and balance exercises. This study aims to find the effects of eight weeks Otago exercise program on walking speed and risk of falling. Methods: This research is pre and post-test randomized control group design. Twenty-six elderly women in nursing homes age 60 years old or more who meet inclusion criteria, divide into 2 groups, with thirteen subjects in each group. The intervention group performed the Otago exercise program 3 times a week for 8 weeks and the control group had no intervention. Ten meters walking test (10-mWT) is used to assess the walking speed and a timed up and go test (TUG) is used to assess fall risk. Walking speed and fall risk were assessed before and after the intervention. Results: The results of this study showed that 8 weeks Otago exercise program significantly increase walking speed as assessed by the 10-mWT test from 0.67?0.16 m/sec to 0.79?0.19 m/sec (p<0.05) and significantly decreased the risk of falling by TUG test 14.99+2.82 sec to 14.00+2.93 (p<0.05) but not in the control group. Conclusion: The Otago exercise program for 8 weeks increased walking speed and decreased the risk of falling in elderly women.