This study aimed to compare the effects of voluntary and forced exercise trainings on cognitive functions and to evaluate their relationship with hippocampal synaptic proteins, neurotrophic factors and markers of oxidative damage in aged female rats. Aged female rats were randomly assigned to control, voluntary exercise training and forced exercise training groups. Voluntary or forced exercise trainings were performed for 12 weeks. At the end of the training period, cognitive functions of the animals were assessed with Morris water maze (MWM) test. After the behavioral test, hippocampus tissues were taken for the analysis of synaptophysin, acetylcholinesterase (AChE), brain-derived neurotrophic factor (BDNF), nerve growth factor (NGF), malondialdehyde (MDA), protein carbonyl (PC), glutathione (GSH) and superoxide dismutase (SOD). During the MWM test, the number of platform crossings was higher in the voluntary exercise group than in the control group (P < 0.05). In the hippocampus tissue, levels of the synaptophysin, BDNF, NGF and SOD were higher, but MDA levels were lower in the voluntary exercise group than in the control group (P < 0.05). Additionally, hippocampal AChE concentration was higher, but PC levels were lower in the both voluntary and forced exercise groups than in the control group (P < 0.05). In conclusion, voluntary exercise was more effective intervention to improve spatial learning ability in aging process. Increased neurotrophic factors, synaptic proteins, and improved oxidative damage may play a role in these positive effects.