This pilot study was conducted to identify the effects of an 8-week aquatics program with peer-led learning on the functional fitness, postural stability, self-efficacy, and quality of life in older adults. Twenty older adults with a mean age of 65.5 were assigned to either a non-peer-led group or a peer-led-group. Both groups received 60-min aquatics classes twice per week. Variables were measured by the Senior Fitness Test, postural stability tests, the Activity-Specific Balance Confidence scale, the Falls Efficacy Scale--International, the Exercise Self-efficacy scale, and a quality of life question. The results showed a significant main effect of time on all dependent measures of functional fitness and quality of life question. There was no significant interaction between time and group for any dependent measure. This study demonstrated that peer-led learning in aquatics for older adults brought equal effects to classes taught by young instructors.