Prospective cohort studies examining gender differences in the elderly and including comprehensive assessments of morphology, physical functioning, and psychosocial activities have rarely been reported. The present study, which consisted of a sub-analysis of data from the Health Research Volunteer Study (HRVS), was performed to clarify these issues. Among the 407 subjects in the original HRVS, 257 subjects (115 men, aged 78 ± 4 years; 142 women, aged 77 ± 4 years) were selected. No gender differences in age, observation period, or ill-health (such as hypertension and hyperlipidemia) were observed, although diabetes mellitus and smoking were significantly more common among men than among women in this cohort. Although both men and women exhibited morphological reduction in muscle mass and force and bone density during the 5-year observation period, the reductions were significantly larger in women. Most of the functional parameters, except for hearing deficits, were superior in men. The upper arm blood pressure parameters were similar in men and women except for the upper arm diastolic pressure parameters at baseline, although the difference had disappeared at the end of the observation period. Although the baPWVs of both men and women increased significantly because of aging, no significant differences were observed between the groups. The small but significant differences in the ABI observed within and between the two groups were not physiopathological issues but might have been caused by gender differences in height. The low hemoglobin level at the end of the observation period is unexplained, and the reduced creatinine levels in both genders might have been caused by sarcopenia, rather than renal issues. Falls, reduced physical strength, low vitality, a depressive tendency, and pain were more common in women. Self-efficacy was slightly, but significantly, higher in men. Further studies are needed to confirm these findings.