Objective: To systematically review the acute effects of physical exercise on memory in healthy elderly people. Methods: The present study consists of a systematic review based on the criteria of the Preferred Reporting Items for Systematic Reviews and Meta -Analyzes (PRISMA). Searches were carried out in the health databases: PubMed (Medline); ScienceDirect (Elsevier); SciELO, Cochrane and LILACS, including articles published until April 2021. The included studies should be randomized clinical trials in healthy elderly populations, have acute physical exercise as an intervention compared to another type of exercise or to a control session, and assess memory as an outcome. Results: A total of 3711 records were found in the databases. After reading titles and abstracts, 27 full texts of studies were selected. A total of 10 records met the inclusion criteria and were considered eligible for qualitative analysis. The total sample consisted of 465 healthy individuals, of both sexes, aged between 60 and 95 years. The aerobic and resistance exercises performed at low (7-11 Borg scale, 54% FCM or 40-54% 1RM) and moderate intensities (12-15 Borg scale, 50-70% FCM and 55-75% 1RM) lead to memory improvement in cognitively healthy elderly people. Conclusions: The paucity of studies with this population, using higher exercise intensities, as well as a reduced variety of memory tests, were limiting factors. Maintaining a training routine is important, in order to preserve physical and mental health. More studies addressing the effects of exercise protocols in healthy individuals are warranted.