Aging is a process of everybody's concern. Myths and realities persist down through the ages that create interest among the researchers of various disciplines to 'know how' the slowing down of aging process takes place and to live longer with full life-potential. This study was conducted on 40 - 70 years individuals to observe their changes in various physical & psychological aging dimensions. Besides, effects of regular exercise on those dimensions were observed. Aging effects were measured from three sedentary groups and exercise effects predicted from three active groups who undergone in supervised exercise program for one year. Finally, the active groups improved or at least maintained but sedentary groups reduced in their abilities in all those dimensions. Study findings are substantiated with a good number of research works. So, regular physical exercise not only gives benefits to remain physically fit and active in performing motor tasks but advocates reducing loneliness, dependency and many psycho-social problems. Benefits of regular exercise are proclaimed as it avoids diseases, promotes health and implies satisfaction with living for 'quality of life' in the elderly.