The objective of this study was to compare the effects of high-intensity interval training (HIIT) and moderate-intensity interval training (MIIT) programs, both with a suspension training system, on several fall risk factors in healthy older adults. A total of 82 participants (68.23 ± 2.97 years) were randomized to HIIT (n = 28), MIIT (n = 27), or control (n = 27) groups. Balance confidence (Activities-specific Balance Confidence Scale), fear of falling (Falls Efficacy Scale—International), dynamic balance (Timed Up and Go test), and gait analysis (OptoGait optical detection system) were assessed. Statistical analysis showed improvements after the intervention in the HIIT group compared with the MIIT and control groups regarding the fear of falling (p < .05 and p < .01, respectively), gait (both ps < .05), and dynamic balance (p < .05 and p < .01, respectively), whereas both HIIT and MIIT groups improved balance confidence compared with the control group (p < .01 and p < .05, respectively). We can conclude that HIIT has significant beneficial effects of fall risk in older adults.