Background and Objective: IGFs (Insulin-like growth factors) and some binding proteins can cause occurrence and recurrence of breast cancer. Since the role of combined exercise training on these factors is not clear, therefore, the aim of this study was to look at the changes of IGF axis and some binding proteins in postmenopausal women with breast cancer after 15 weeks of combined exercise training. Materials and Methods: Twenty- nine women with breast cancer (58.27 ± 6.31 years) who underwent surgery, chemotherapy and radiation- therapy with current hormone therapy were divided into two groups of experimental and control. Subjects of the experimental group performed 15 weeks of combined exercises including walking (2 sessions per week) and resistance training (2 sessions per week that differed from walking days). Data were analyzed by using ANCOVA (p≤ 0.05). Results: Combined exercise training had significant effect on IGF-1 levels (P= 0.001), IGFB-3 levels (P= 0.000) and IGF-1: IGFB-3 (P= 0.000) in postmenopausal women with breast cancer. After 15 weeks, IGE -1 reduced in the experimental group up to 9 percent and IGFB-3 increased by 28 percent. On the other hand, exercise training had no significant effect on the IGFB-1 (P= 0.652) in postmenopausal women with breast cancer. Conclusion: While the IGF axis factors and some binding proteins play an important role in breast cancer and its recurrence, it seems that changes in these factors through combined exercise training programs can delay its recurrence.