Aim To investigate the effect of specific cognitive training with CogniPlus and balance training, affecting cognitive functioning, gait speed, risk and fear of falling, and quality of life in an elderly cohort with mild cognitive impairment. Methods The research sample was composed of 80 older adults with a mild cognitive deficit (mean age 67.07 years) divided into the experimental group (n = 40) and control group (n = 40). This was a randomized, controlled trial. The experimental group carried out selected exercises from the CogniPlus program combined with balance training. Patients participated in 20 sessions twice per week in an outpatient clinic. Both groups completed 30 min of balance training daily for 10 weeks. Cognitive functions were evaluated by the Mini‐Mental State Examination. The fear of falling was assessed by Falls Efficacy Scale‐I. The static and dynamic aspects of balance were assessed by the Tinetti test and functional stretching. Gait speed was assessed by four forms of the Timed Up & Go test. Quality of life was investigated according to Spitzer. Results The two groups showed significant differences recorded after training in the Mini‐Mental State Examination, Up and Go test with dual tasking, balance by Tinetti test and the quality of life in favor of the experimental group (P < 0.03–0.0001). There were no significant differences found between the groups in the assessment of fear of falling and other monitored parameters. Conclusions The combination of selected exercises from the CogniPlus program with balance training contributed to achieving better results than balance training alone for elderly people with mild cognitive impairment. Geriatr Gerontol Int 2016; 16: 1043–1050.