No study has compared sling exercise training with elastic band resistance training in healthy older adults. Therefore, the purpose of this study was to determine whether different effects on functional mobility, strength and balance ability were produced by using different devices (sling trainer and elastic bands). Twenty-four participants were assigned to two different training groups, INT (TRX-OldAge) and CON (elastic bands). Participants trained three times per week for 30 minutes for 12 weeks. The Multisurface Obstacle Test for Older Adults (MSOT) and the 1-repetition maximum test using the chest press and the leg press were performed to assess functional mobility and dynamic strength, respectively. To examine balance ability, data of body-worn sensors and a force plate measured during different standing positions have been investigated. A main time effect occurred for functional mobility (p = 0.009) with a significant improvement within INT (p = 0.044), and for the chest press (p = 0.017) with a significant improvement within INT (p = 0.019). However, there was no group-by-time interaction in any of the measured parameters. Compared to elastic band resistance training, TRX-OldAge induced similar effects on the functional mobility, strength and balance ability of healthy older adults.