The purposes of this study were to ascertain differences of the sensory system, central processing system, effector system, and balance ability according to general characteristics (sex, fall experience, and age), and to identify the contributions of the sensory, central processing, and effector system to balance ability in 83 healthy elderly subjects. The subjects were elderly (over 60 years) who live in Wonju City. All subjects participated in six tests (position sense test, visual acuity, vestibular stepping test, Mini-Mental Status Exam-Korea, strength of dorsiflexors, and Berg Balance Test). Collected data were analyzed by the independent t-test, one-way ANOVA, and stepwise multiple regression. The results were as follows: 1. The results of the six tests according to sex showed that vestibular function was significantly better in women than in men. But visual acuity, cognitive function, strength of dorsiflexors, and balance ability were significantly better in men than in women (p<0.05). 2. There were no significant differences in position sense, visual acuity, vestibular function, cognitive function, strength of dorsiflexors, and balance ability between fallers and non-fallers (p>0.05). 3. However, the results of the six tests according to age (group A: 60-69 years, group B: 70-79 years, group C: 80-89 years) showed significant differences in five tests. In the Scheff$\acute{e}$ test, position sense, visual acuity, and cognitive function showed significantly different results between in group A and group C: the strength of the dorsiflexors was significantly different between in group A and group B, and balance ability was significantly different between in group A and group C, and between in group B and group C (p<0.05). 4. Cognitive function and position sense were positively associated with balance ability. Their power of explanation regarding balance ability was 38% (p<0.05). These results suggest that cognitive function and position sense play an important role in balance ability. This would seem to suggest that programs for evaluation or improvement of elderly's balance ability in the elderly should consider cognitive function and position sense.