Aims The purpose of the present study was to compare different modes of exercise in chronic modification of cardiovascular diseases risk factors. Methods A total of 48 healthy elderly men were randomly assigned to an aerobic training group (n = 15, aged 71.7 ± 4.7 years), a combined (aerobic and resistance) training group (n = 16, aged 68.5 ± 3.5 years) and a control group (n = 17, aged 67.0 ± 5.8 years). Both training programs were of moderate‐to‐vigorous intensity, 3 days per week for 9 months. Primary outcome measures included body composition, blood pressure and lipid profile. Odds ratios (OR) between hypertension, obesity and dyslipidemia were calculated. The independence between risk factors, aggregation and group factor was tested (baseline vs post‐test). Results There was significant aggregation between hypertension and obesity (OR 2.57, 95% CI 1.24–5.33). After 32 weeks, there was a significant change in the number of hypertensive (χ2 = 8.1, P = 0.004) and dyslipidemic (χ2 = 3.9, P = 0.049) participants, and also a favorable modification in the risk factors aggregation (χ2 = 7.9, P = 0.019), but only in the combined training group. Conclusions Combined aerobic and resistance training is more effective in the chronic modification of blood pressure and lipid profile, and in the reduction of total risk factors aggregated. Geriatr Gerontol Int 2013; ●●: ●●–●●.