Multicomponent exercise is a physical exercise modality in which various physical qualities (strength, cardiorespiratory endurance, flexibility, and balance) are developed with an equal distribution of volume in the same session (approximately 60 min) and that has been little explored in improving the quality of life of older adults. The aim of this study was to verify the effect of multicomponent training on self-perceived quality of life in Chilean overweight or obese older people. To this end, a quasi-experimental study with a control group was designed to evaluate self-perceived Quality of Life using the World Health Organization Quality of Life, brief version [Overall Quality of Life (OQOL); Overall Health (OH); Physical Health (PH); Psychological Health (PsH); Social Relations (SR); Environment (E)]. Seventy overweight or obese people aged between 60 and 86 years participated (M = 73.15; SD = 5.94) and were randomized into a control group (CG, n = 35) and an experimental group (EG, n = 35). The results in the EG (pre vs. post-intervention) indicated that there were statistically significant differences in OQOL (p = 0.005), OH (p = 0.014), PH (p < 0.001), PsH (p < 0.001), E (p = 0.015), and SR (p < 0.001) which were not found in the CG in any of the variables (p > 0.050) except in SR (p < 0.001). Regarding sex, post-intervention differences were only found between CG and EG in women in OQOL (p = 0.002), PH (p < 0.001), PsH (p = 0.003), and SR (p < 0.001), but not in OH or E (p > 0.050). These differences were not found among men in any of the variables (p > 0.050). As a conclusion, we can say that a multicomponent physical exercise program applied for 6 months significantly improves the perception of OQOL, OH, PH, PsH, SR, and E in overweight or obese older people. This perception is greater in men than in women.