Background: Dementia reduces the ability to live independently, thus deteriorating the patient’s quality of life and caregivers' mental health. Consequently, dementia indirectly affects economic and social growth. Dementia is also a major contributor to death worldwide. There is no effective treatment for dementia, but preventing physical and cognitive inactivity among the elderly could help. Studies show that the risk of dementia increases in the elderly with mild cognitive impairment (MCI). Methods: This review set out to compare the effects of physical exercise (PE) and cognitive training (CT) on cognitive performance among the elderly with MCI, by examining the evidence from published literature between 2013-2023. Four major electronic databases were used to search the relevant studies, resulting in 2782 articles. A total of fourteen articles were included in the review. Results: The findings showed that interventions with naturally combined cognitive and physical training not only improved cognitive performance, but also prevented the elderly from stress and fatigue. Integrating physical exercise and cognitive training interventions with the best combination method is crucial to ensure participant adherence. Therefore, the intervention can be incorporated effectively into healthcare policies and programs to support cognitive health in aging populations. Conclusion: Future studies should also explore the optimal duration of training sessions to maximise cognitive benefits and ensure participant adherence and motivation.