Background: Aging causes morphological and physiological changes, especially in the musculoskeletal and somatosensory systems, leading to sarcopenia and reduced postural balance, increasing the risk of falls and loss of independence. This study aimed to analyze the effects of a neuromuscular training program on postural balance, physical performance, and muscle strength in older Chilean women. Methods: The double-blind randomized controlled trial included 48 participants aged 65–80 who were divided into three groups: a control group (CG), a multicomponent training group (MCG), and a neuromuscular training group (NMG). Postural balance was assessed using a force platform with open eyes (OE) and closed eyes (CE) conditions, measuring ML velocity, AP velocity, mean radius, and area. Physical performance was evaluated with the Short Physical Performance Battery (SPPB), including static balance, 4-m walking speed, and 5× sit-to-stand chair test. Muscle strength was measured using a hydraulic hand dynamometer to record maximum grip force. Results: Significant time × group interactions in the CE condition were found for mean radius (F = 0.984; p = 0.017; ηp2 = 0.184), AP velocity (F = 10.01; p = 0.001; ηp2 = 0.312), and ML velocity (F = 4.30; p = 0.027; ηp2 = 0.163). Significant pre–post differences in the NMG for mean radius (p < 0.001), AP velocity (p < 0.001), and ML velocity (p = 0.029) were observed, with no significant changes in CG. Significant time × group interactions were also found in the SPPB test score (F = 11.49; p < 0.001; ηp2 = 0.343), gait speed (F = 5.513; p = 0.012; ηp2 = 0.198), and sit-to-stand test (F = 5.731; p = 0.010; ηp2 = 0.206), but not in the balance score (F = 2.099; p = 0.148). Handgrip strength showed no significant interactions (F = 3.216; p = 0.061; ηp2 = 0.127). Conclusions: These findings suggest that neuromuscular training is a promising intervention to mitigate the decline in balance and physical function associated with aging, offering a targeted approach to improve the quality of life in the elderly.