Fear of falling (FF) can be considered as a protective response to a real threat, preventing the elderly from performing activities with high risk of falling, but can also lead to a restriction of the activities that will result in a long-term adverse effect on social, physical or cognitive functions. There is a prevalence of FF in 30% in the elderly who have no history of falls, and double that in those with a history of falling. Its prevalence is increased in women and with advanced age. Several scales have been developed to measure the psychological effects of FF, among which are noted are, the Fall Efficacy Scale (FES), the Activities-specific Balance and Confidence Scale (ABC), and the survey of activities and fear of falling in the elderly (SAFE). It has negative consequences in the functionality, the subjective feeling of well-being, and in the consequent loss of independence. The functional and physical deterioration, or the quality of life is clearly related to the FF, although it has not been established if these factors are cause or effect. Multiple interventions have been recommended, bringing about changes that reinforce their confidence to carry out activities. Interventions and research should promote a realistic and appropriate approach to the risk of falls and teach the elderly to perform activities safely. The reduction in FF is an important goal in itself to improve the subjective feeling of well-being, and the benefits could be increased if this reduction was also accompanied by an increase in safe behaviour, social participation, and activities of the daily life.