Background/Objectives: Tai Chi (TC) practice has been shown to have positive effects on the physical, psychological, and cognitive health of older adults. However, dis-crepancies persist regarding its effectiveness compared to strength training (ST). The aim of this study was to determine the impact of TC training compared to ST on phys-ical performance, body composition, cognitive function, and psychological well-being in older adults. Methods: A quasi-experimental study was conducted with a conven-ience sample of 68 women ≥60 years, divided into three groups: (i) Tai Chi Group (TCG) n=26; (ii) Strength Training Group (STG) n=21; and (iii) Control Group (CG) n=21. The TC and STG groups performed physical training four days a week, 60min/day, for six months. All participants were assessed for physical performance (FP), body composition, cognition, and psychological well-being before and after the intervention. Results: TCG showed statistically significant positive changes compared to CG after the intervention in the following physical fitness tests: 4-meter walk (base-line, 4.7 ± 2.2; post, 3.7 ± 0.9, p = 0.01); chair stand-up and sit-down (baseline, 13.2 ± 4; post, 9.5 ± 3.2, p = 0.021). Similarly, the TCG group showed a significant increase in handgrip strength (baseline, 19.8 kg; post, 20.9 kg, p = 0.02), along with a reduction in body fat percentage (baseline, 49.2%; post, 45.8%, p = 0.045); an increase in skeletal muscle mass (baseline, 16.3 kg; post, 18.0 kg, p = 0.0001); and skeletal muscle mass in-dex (p = 0.001). Furthermore, in the TCG showed an increase in psychological well-being (+15%) and a decrease in depressive symptoms (-12.5%; p< 0.05). Conclu-sion: Our findings suggest that Tai Chi has a better effect than strength training on physical performance, body composition, and hand strength in older adults living in the community. It also helps maintain cognitive function and improve depression and well-being.