While there is extensive literature on the beneficial effects of physical activity on age differences in cognitive control, limited research exists on comparing the contributions of strenuous physical activity (sPA) and cardiorespiratory fitness (CRF) to fluctuations in the blood oxygen level-dependent (BOLD) signals during varieties of cognitive control. The current study addresses this gap in knowledge by investigating BOLD signal differences between high-fit and low-fit older adults, determined by their sPA or CRF, during a novel fMRI task with a hybrid block and event-related design that included transient activations (during switching, updating and their combination trials) and sustained activations (during proactive and reactive control blocks). fBOLD signals from older (n = 25) were compared to more functionally efficient younger (n = 15) adults. High-sPA old showed higher task accuracy than Low-sPA old and similar accuracy as young. Whole-brain fMRI analyses identified higher BOLD activations (esp. dlPFC/MFG) in high-fit old during updating and combination trials that were similar to young, suggesting maintenance of BOLD signals in higher fit older adults during working memory updating. Additionally, both High-sPA and High-CRF related compensatory overactivation were observed in left parietal and occipital areas during sustained activations, which were positively correlated with older adults' accuracy. These results suggest that physical fitness is a modifier of age-related changes in BOLD signal modulation elicited in response to increasing cognitive control demands, with higher fitness in old contributing to both compensatory overactivations and maintenance of task-related brain activations during cognitive control, whereas lower fitness contributed to maladaptive overactivations during lower cognitive demands.