Aim The present study explored whether certain physical performance measures could be linked to specific cognitive domains in healthy older adults. Method A total of 50 adults (mean age 69.5 years, SD 8.1) were evaluated on physical performance using measures of balance (Fullerton Advanced Balance Scale), functional mobility (8‐ft up‐and‐go), lower body strength (30‐s chair stand), gait (30‐ft walk velocity) and aerobic endurance (6‐min walk). Cognitive measures included Stroop Color–Word Test, Digit Span Backward, Trail Making Tests, Everyday Problems Test, Digit Symbol Substitution and a Brown–Peterson test. Principal component analyses reduced cognition to domains of processing speed, inhibition and working memory. Results Hierarchical regression analyses were carried out with age and each physical measure as potential predictors of the three cognitive domains. The balance scale and 6‐min walk were specifically associated with processing speed, inhibition and working memory. Conclusions Better dynamic balance and aerobic endurance predicted enhanced processing speed, inhibition and working memory in older adults, with these last two domains considered components of executive function. Geriatr Gerontol Int 2017; 17: 108–115.