The aim of this study was to analyze the effects of aerobic exercise on the blood lipids, leptin, ghrelin, and HOMA-IR factors in obese postmenopausal Korean women. Thirty-six healthy postmenopausal women (mean age, $54.47{\pm}2.50$ years) with >32 % body fat were assigned randomly to an aerobic exercise group (n = 18) or to a "no exercise" control group (n = 18). The subjects' body composition, blood lipid, leptin, ghrelin levels, and HOMA-IR were measured before and after a 16-week line-dancing program. The exercise group showed a significant decrease in body weight, percent body fat, body mass index, visceral fat area, leptin, insulin, glucose, HOMA-IR, total cholesterol, triglycerides, apolipoprotein B, low-density lipoprotein cholesterol, and systolic and diastolic blood pressure. In addition, this group exhibited a significant increase in the apolipoprotein A-I, ghrelin, and high-density lipoprotein cholesterol levels. The energy metabolic factors that influenced the visceral fat included ghrelin, leptin, insulin, glucose, and HOMA-IR. The t-value, which determined the statistical significance of the independent variables, was significant for ghrelin, glucose, insulin, and HOMA-IR (p < 0.05). Regular and continuous aerobic exercise (e.g., line dancing) effectively improved the body composition, visceral fat, serum blood lipids, leptin, ghrelin, and HOMA-IR factors in obese postmenopausal Korean women.