Over the last century, there has been a growing increase in life expectancy, and longevity brings with it a decline in cognitive functioning, negatively affecting people's lives. Thus, there is significant interest in developing non-invasive interventions that can enhance life expectancy and delay functional decline, especially during the early stages. Transcranial photobiomodulation (tPBM) is a technique that involves exposing neural tissue to a low fluence of light capable of stimulating brain activity. Physical training is a crucial strategy to mitigate the decline in cognitive and brain health associated with aging. The synergy of tPBM and exercise may support the maintenance of cognitive functions and possibly delay the onset of age-related cognitive decline. Here we conduct a narrative review, and we found that despite promising findings regarding this synergy, several research gaps remain, with preclinical studies in animals being essential for advancing the understanding of the effects of PBM and exercise in older adults. These studies would allow for the investigation of optimal PBM parameters such as wavelength, intensity, and duration, providing insights that could influence future clinical trials, assess the safety and efficacy of combined PBM and exercise interventions, and identify risks or potential contraindications. PBM, when combined with exercise, holds substantial promise for improving motor and cognitive health in aging populations at risk of cognitive impairment. In conclusion, ongoing research in this area is essential for understanding and promoting brain health and reducing the effects of aging and neurodegeneration.