Studies have indicated that aging is negatively associated with cognitive functions, and previous studies have showed that exercise or nutritional intervention alone were significant factors useful in improving cognitive function in older adults. However, there is limited literature exploring the effects of combined exercise and nutritional supplements on cognitive functions. Therefore, the present review was firstly conceived to examine the evidence about exercise training and cognitive functions. Secondly, we provide evidence from some studies related to nutritional supplements and discuss the relationship between their use and cognitive functions. Finally, we introduced the possibility of the effects of biological mechanisms on cognitive functions, when older adults engaged in an intervention of combined exercise and the use of nutritional supplements, and further reviewed the results of this study. The review indicated that several studies supported a positive effect of exercise or nutritional supplements alone (e.g. docosahexaenoic acid, vitamin, protein, L-carnitine, and creatine) on cognitive functions. For understanding the effects of the combining of exercise and nutritional supplements, the review provides some mechanisms (e.g. brain trophic factors, oxidative stress, and brain volume) in order to explain the possible outcome of such relationships, when exercise is done in combination with the use of nutritional supplements. The results of these studies indicated that exercise combined with nutritional supplements could provide the potential benefits, the overall effects are greater than for those subjects that only engaged in using nutritional supplements. These findings implied that exercise intervention plays an important role in improving cognitive functions in older adults. This area of research is still novel, and it is limited by experimental study designs, which lead to many questions to be answered in the future. We suggest that future study directions can extend their assessments to some related areas of interest (e.g. multiple cognitive functions, neuroimaging techniques, differential exercise modes, and systematic studies) that should be further explored.