[Purpose] The purpose of this study was to determine the effects of resistance exercise using elastic bands on flexibility and balance among the elderly people living in the community. [Subjects and Methods] Database search was conducted by using PubMed, CINAHL, Embase, RISS, NDSL, NANET, DBpia, and KoreaMed. The meta-analysis, which was based on 19 studies, covered a total of 649 participants and used either the fixed effects or random effects model. [Results] The effect size estimates showed that resistance exercise using elastic bands have significantly increased the functional reach test score (Standard Mean Difference: 1.18, 95% CI 0.48 to 1.89) and timed up and go test score (Mean Difference: 2.89, 95% CI 2.55 to 3.22). [Conclusion] The review findings suggest that resistance exercise using elastic bands is effective for improving the flexibility and balance of the elderly people living in the community. However, further research is deemed necessary by using a large sample size or follow-up measure in order to provide evidence-based recommendations.