This paper aimed to conduct in order to examine the possible exercise effects on cognitive functions in an obese population. A literature review was conducted of previous studies targeting the possible relationship between obesity and cognitive functions, the relationships among exercise, obesity, and cognitive functions, as well as the biological mechanisms operating between exercise and cognition. Although obesity negatively affects cognitive functions, proper exercise positively affects cognitive functions. Corroborating evidence has been shown from behavioral, neuroelectric, neuroimaging, and biological mechanism perspectives. These results suggest the potential role of exercise for influencing the relationship between obesity and cognitive functions. These arguments provide a foundation for future studies associated with exercise, obesity, and cognitive functions.