Background: The subjective experience of participating in aerobic exercise is unknown in Alzheimer’s disease (AD). Objective: The purpose of this study was to understand the subjective perceptions of the feasibility and impact of a 6-month, moderate-intensity aerobic exercise intervention by older adults with AD and their family caregivers. Methods: Ten older adults with AD who completed the intervention and their family caregivers participated in four focus group interviews. Results: Four converging themes were identified: “There was no perceived positive change in cognitive symptoms,” “The 6-month exercise program was socially rewarding,” “The 6-month exercise program increased physical strength,” and “Participation in aerobic exercise was a positive experience.” Family caregivers further identified two additional themes: “The exercise program led to improved attitude in older adults with AD” and “The exercise program reduced caregiver stress.” Discussion: Aerobic exercise is a feasible and well-perceived intervention for older adults with AD and their family caregivers.