The aim of this study was to evaluate psychometric properties of the perceived constraints on the physical exercise scale and to indicate the most important perceived constraints that restrict the elderly from exercise.160 persons (aged 60–89) living in Lithuania, Kaunas city were interviewed in 2011. Physical activity was assessed using a short version of International Physical Activity Questionnaire. Constraints on physical exercise were determined according to a structured list of statements consisting of five domains: poor health, fear and negative experiences, lack of knowledge, lack of time and interest, and unsuitable environment. Perceived constraints on the exercise scale demonstrated satisfactory internal consistency and good construct validity: Cronbach’s alpha coefficients of internal reliability were above the standard (≥0.7) with the exception of lack of knowledge domain. Exploratory factor analysis revealed a fivefactor solution that accounted for 67.4% of the variance. Fear and negative experience during exercise increased the odds of insufficient physical activity by 3.3 (1.16–9.59) times whereas lack of time and interest - by 7.2 (2.98–17.31) times. Perceived constraints on the exercise scale is a suitable measure for the elderly investigations. Perceived constraints that most restrict elderly people from exercise were lack of time, interest, fear of falling and injuries.