The aims of this study were to examine the level of exercise among elderly people with regard to the current Norwegian recommendations, demographic correlates of exercise, and the relationship between exercise and subjective health among elderly men and women. A representative sample of 3,770 Norwegian men and women between 65 and 97 years of age (mean 75 years) completed a questionnaire. The response rate was 83.4%. Results showed that 6% of the participants exercise at the level recommended. The oldest old (>80 years), those who have an illness and use medication, and individuals with lower levels of education and income are the least active segments of the sample. After adjusting for age, marital status, income, and education, results showed that exercise at moderate intensity 3–4 days per week is a significant predictor for positive subjective health.