Objectives: To determine the effects of balance training in reducing falls risk and improving mobility in the elderly. Methodology: This Randomized controlled trial was conducted at Foundation University Institute of Rehabilitation Sciences (FUIRS), Foundation University Islamabad, Pakistan. The sample of 105 community dwelling elderly adults, selected through non-probability convenience sampling technique were divided into three equal groups (n=35) i.e. dynamic postural training group (DPTG), conventional balance training group (CBTG), No intervention group (NIG) by simple random sampling (lottery method). Intervention was provided 3 times a week for 8 weeks with each session lasting for 30-45 minutes. Initial assessment was done before training followed by assessment after every 2 weeks. Data was collected using fall risk score via Biodex balance system SD, Berg balance scale and Timed up and go test. Data were analyzed by using SPSS version 20. Results: The mean age of sample was 62.06±6.60 years with 33 (36.3%) males and 58 (63.7%) females. Mean weight, height and BMI of the participants was 73.60±8.70 kg, 1.63±0.069 m and 27.95±3.74 kg/m2, respectively. Significant difference (p<0.05) was observed among groups over the period of 8 weeks on Berg balance score, Timed up and go test and fall risk scores. Conclusion: Dynamic postural balance training and conventional balance training were effective in reducing fall risk and improving mobility level in the elderly.