Although the evidence linking aging stereotypes with physical health and functioning appears robust, little is known about how aging stereotypes affect older adults’ physical capacities. Thus, this study examined whether aging stereotypes in the physical domain are associated with walking speed, muscular strength, and balance through subjective age and self-rated health. Three hundred and sixty-three community-dwelling older adults were recruited and asked to complete valid and reliable questionnaires measuring aging stereotypes in the physical domain (i.e., aging stereotypes related to exercise benefits; aging stereotypes about exercise risks; aging stereotypes about psychological capacities), subjective age and self-rated health. Participants’ physical capacities were then assessed (i.e., walking speed, muscular strength and balance). Results revealed that greater endorsement of aging stereotypes, related to exercise benefits, was positively associated with physical capacities through subjective age; and that greater endorsement of aging stereotypes, related to exercise risks, was negatively related to walking speed through self-rated health, to walking speed, muscular strength and balance through subjective age, and to balance directly. Overall, this study provides evidence that aging stereotypes in the physical domain are associated with physical capacities. Therefore, it may be interesting to develop interventions to reduce aging stereotypes about exercise risks and increase aging stereotypes related to exercise benefits to limit the decline in physical capacities.