Background and Objective: Hematological indices lot of physiological changes in the body to create, may exercise brings through its effect on these indicators, can improve the diseases associated with these indicators, including cardiovascular disease is effective.This paper aims to compare the effect of two intensity aerobic exercises on some hematological indexes in overweight elderly men.Subjects and Methods: fifteen overweight male subjects, residing in Ahvaz nursing house (aged 66.2±3.6 years; BMI, 29.31±2.37 kg/m2) purposefully and voluntarily participated in the research. In the first session, subjects’ anthropometric indexes, body composition, and the Peak oxygen consumption (VO2 peak) (by adjusted Bruce exercise test) were measured. In the second and third sessions, after at least 10 hr fasting, subjects ran on treadmill for two 30-minute sessions at 1week interval according to a transverse plan with low (VO2 peak 45%) moderate (VO2 peak 65%) intensities. Blood samples were collected before and after each exercise plan for measure hematological indexes.Results: the results showed that moderate intensity exercise significantly raised the hemoglobin level and the number of red and white blood cells and hematocrits (p£0.05). However, in low intensity exercise no significant change was observed in the hemoglobin level and the number of red and white blood cells and hematocrits (P³0.05).Conclusion: Aerobic exercises with moderate intensity can better improve hematological indexes among old overweight men than with low intensity.