The purpose of this meta-analysis was to examine the exercise and mood relationship found specifically in the elderly.  A total of 158 effect sizes (ES) from 32 studies were grouped into Experimental vs. Control ESs, Gains ESs, and Correlational ESs.  Each study was coded for moderator variables related to descriptive, design, subject, exercise, and mood assessment characteristics.  Experimental vs. Control ESs for negative affect (NA) and positive affect (PA) were found to be 0.35 (p < .05) and 0.33 (p > .05), respectively, with an overall ES = 0.34, p < .05.  The Gains ESs for NA and PA in an exercise group were found to be 0.39 (p < .05) and 0.35 (p < .05), respectively, with an overall ES = 0.38, p < . 05.  These were all significantly greater effects than those found for the control groups.  Correlational ESs of 0.47 and 0.42 were found for NA and PA, respectively.  It was concluded that exercise improves mood in the elderly.  Moderating variables and implications for the prescription of exercise to improve mood in the elderly are discussed.