Introduction: Gait speed is a test to measure functional capacity in older adults. Nevertheless, the factors influencing this variable are not well described in South American populations.Objective: To determine the relationship between usual and maximal walking speed and functional parameters among Chilean community-dwelling older adults.Materials and methods: An observational, descriptive and cross-sectional study including 69 older adults was conducted. The usual and maximal gait speeds were associated with body composition (body mass index), upper limbs muscle strength (arm curl-ups), lower limbs muscle strength (30 seconds sit-to-stand test), global function (Barthel index), ankle flexibility (range of motion), dynamic balance (timed Up & Go test) and aerobic capacity (2 minutes walking test).Results: The ankle flexibility, lower limbs strength and aerobic capacity influenced the maximal speed (R2=0.65; p <0.001), while the usual speed was influenced by upper limbs and lower limbs strength and by the aerobic capacity (R2= 0.51; p <0.001).Conclusion: The usual and maximal gait speeds are mostly influenced by the lower limbs muscle strength plus aerobic capacity.