Falls are a major cause of death and disability in older people. This study aims to examine the prevalence of falls and associated major risk factors among community-dwelling Korean older women. Total 189 subjects participated in this study. Their fall history and 18 fall-risk related variables covering demographic information, physical performance, gait ability, body strength, and cognitive performance were collected. Results showed that 39.7% of participants had fall experience, 40% of fallers were injured. Five major categories of risk factors were identified from factor analysis: impaired balance and mobility, large body mass but weak grip strength, poor cognitive function, limited joint flexibility, and weak lower limb strength. Logistics regression further showed that poor cognitive function is the most critical fall risk factor. These findings could not only provide guidelines on choosing/developing appropriate fall risk assessment tools, but also help prioritize effective interventions to prevent the falls for Korean older women.