Purpose: Osteosarcopenic obesity (OSO) has become one of the most common health problems in elderly people. Recent evidence suggests a potential interconnection of these syndromes with pathophysiology. The aim of this study was to assess the effects of a 16-week combined exercise training on irisin, adipokines, bone metabolism markers, and muscle strength in older women with OSO. Methods: Sixteen older women with OSO (73.3 ± 4.72 yrs) were randomly assigned into a combined exercise training group (CET, n = 8) and a control group (CON, n = 8). CET underwent Taekwondo aerobic training and resistance exercise training for 60 min a day, three times per week for 16 weeks. Body composition and bone mineral density (BMD) were measured by DXA. Functional fitness was measured with 30-s chair stand, 30-s arm curl, chair sit-and-reach, back scratch, 8-foot up-and-go, grip strength, and 2-min step tests. Isokinetic muscle strength was measured by isokinetic dynamometer (Cybex 770, USA). Biochemical parameters including irisin, leptin, adiponectin, CTx, 25(OH)D, osteocalcin, and PTH were measured. Results: Significant interaction effect of time and group was found for lumber BMD after the 16-week exercise training. Lumbar BMD (p < 0.05) was increased significantly in CET, but decreased in CON between pre-and post-tests. No changes could be observed for body fat and lean body mass in both groups during the intervention period. CET group significantly improved in the 30-s chair stand (p < 0.001), 8-foot up-and-go (p < 0.01), and 2-min step tests (p < 0.05). CET group increased significantly left relative peak torque for left extensor (p < 0.001), relative peak torque for right flexor (p < 0.05), and left flexor (p < 0.01) at 60°/sec. CET showed significant improvements for relative total work of left extensor (p < 0.001), relative total work of right flexor (p < 0.05), and left flexor (p < 0.05) at 180°/sec. The level of irisin and 25(OH)D were increased (p < 0.05) in CET after the 16-week combined exercise training. Conclusions: The findings of the study indicate that 16 weeks combined training increased level of irisin with improvement in functional fitness and muscle function. Combined training might be able to prevent deterioration in quality of life and age-related decline in muscle function.