This study investigated the effects of poi (a weight on the end of a cord which is swung in circular patterns around the body) compared with Tai Chi on physical and cognitive function in healthy older adults. A total of 79 participants (60–86 years) were randomly allocated to the poi or Tai Chi group. Physical and cognitive function was measured 1 month before, immediately before, immediately after, and 1 month after the intervention (two lessons a week, for 4 weeks). Immediately postintervention, both groups improved postural stability, upper limb strength, and simple attention. Tai Chi also improved systolic blood pressure. One-month postintervention, compared with immediately postintervention, both groups improved upper limb strength, upper limb range of motion, and memory. Poi also improved systolic blood pressure. Therefore, poi seems to be as effective as Tai Chi for improving physical and cognitive function in healthy older adults.