The objectives were to analyze the effect of a gerontogymnastics program on functional ability and fitness on overweight and obese older woman and to understand if sarcopenia mediates its effect. This randomized controlled trial involved 216 overweight and obese women. The experimental group (EG) carried out 12 weeks of a gerontogymnastics program. The assessment was of gait speed, cardiorespiratory fitness, functional capacity, and muscle strength. EG showed significant improvements in almost every test. When the effect of training was adjusted by gait speed, the improvement of the 6 min walk test (MWT) for the trained group was no longer significant (p = 0.127). The improvement of the 6 MWT was significantly and positively associated with the 10 m test (β = −10.087). After including the 10-m test in the equations, the association between the 6MWT and carrying out the training program decreased but remained significant (β = −19.904). The mediation analysis showed a significant, direct and indirect effect with a significant Sobel test value (z = 6.606 ± 7.733; p = 0.000). These results indicate that a gerontogymnastics program improves functional capacity and fitness; and the effect of a gerontogymnastics program on CRF is mediated by sarcopenia in older women who are overweight and obese.