The scope of this study was to investigate relationships between muscle strength of the upper and lower limbs, physical exercise, and functionality to perform complex activities of day-to-day life in elderly women recruited from the community. 1538 elderly women with mean age = 72.07 ± 5.46 and average household income = 3.59 ± 3.96 MW, without cognitive deficit suggestive of dementia, were submitted to tests of grip strength and walking speed. They were asked to self-report on regular practice of physical exercise and performance of 13 social AADLs (e.g. working, travelling and church attendance) and 3 IADLs (handling money, doing the shopping and using public transport). The worst performance key factors were low grip strength and low gait speed in ADL (OR = 2.48 if both; OR = 1.66 if either were present), as well as low income (OR = 2.46 low income < 1 MW and = 2.45 to 1.1 and 3.0 MW) and sedentary life style (OR = 2.08). The functionality of elderly women is influenced by physiological aging, but also by contextual conditions and life style.