Dizziness and disequilibrium are one of the more frequent complaints reported by elderly patients. They are significant intrinsic risk factors for falls among the elderly. Balance depends on many factors, including adequate function of sensory, vestibular, visual, somatosensory structures, muscle strength and joint mobility. The structure of the balance system can be impaired by common diseases of aging and by senility of the peripheral and central vestibular system. Dizziness may vary from real vertigo with a precisely described illusion of environmental motion to the feeling of instability, imbalance or fear of falling. Peripheral vestibular pathologies, responsible for half of the cases, are associated with a good prognosis. However, the quality of life of elderly patients with vestibular disorders is greatly impaired by dizziness causing functional limitations in their activities of daily living. Common peripheral vestibular disorders in the elderly include benign paroxysmal positional vertigo, Ménière’s disease and vestibular neuritis. Dizziness caused by diseases of the central nervous system or orthostatic disorders are, on the other hand, associated with a poor prognosis. Transient ischaemic attacks, strokes, migraines, tumours and neurodegenerative disease of the brain may lead to central vertigo. Orthostatic hypotension may cause dizziness and increase the risk of falls, cardiovascular disease, heart failure and stroke. History and careful examination will typically reveal the underlying cause in the majority of cases, allowing the full diagnostic workup and management to be targeted appropriately.