Background: Physical activity (PA) has been shown to benefit cognitive function in older adults. However, the cognitive benefits of exercising for older Chinese adults have not been systematically documented. This study was to conduct a systematic review on evidence that PA is beneficial for cognitive functioning in older Chinese adults. Methods: Major databases, including PubMed, EMBASE, Cochrane Library, WanFang, CNKI, and VIP, were searched for studies published in English or Chinese between January 2000 and December 2015. Randomized and non-randomized controlled trials (RCTs and non-RCTs), cohort, case-control and cross-sectional studies that evaluated PA and cognitive function among older Chinese adults were included in this review. Results: Of 53 studies included and reviewed, 33 were observational (22 cross-sectional, 7 case-control, and 4 cohort) and 20 were experimental (15 RCTs, 5 non-RCTs). Observational studies showed an association of reduced risk of cognitive-related diseases (i.e., mild cognitive impairment, Alzheimer's disease, and dementia) through PA, whereas experimental studies reported exercise-induced improvement in multiple domains of cognitive function (i.e., global cognitive function, memory, executive function, attention, language, and processing recourse). Conclusion: This systematic review provides initial evidence that PA may benefit cognition in older Chinese adults. Further studies of individuals with cognitive impairments and prospective and RCT studies having high scientific rigor are needed to corroborate the findings reported in this review.