Background: High-fat diet (HFD)-induced metabolic dysfunction impairs physical performance and metabolic health. Although aerobic and resistance exercise improve these outcomes, the additional effects of balance challenge training remain unclear. This study investigated the effects of combined aerobic–resistance training with a balance challenge on physical performance and selected metabolic indices in male Wistar rats fed a high-fat diet. Methods: Fifty male Wistar rats were included in this experimental study. After five weeks of high-fat diet (HFD) feeding, forty rats were randomly assigned to four HFD groups (n = 10 per group): HFD, HFD plus aerobic–resistance training, HFD plus balance challenge, and HFD plus combined aerobic–resistance training with balance challenge. An additional ten rats receiving a standard diet served as the healthy control group. Exercise interventions were performed for five weeks (three sessions per week) at moderate intensity. Physical performance was evaluated using treadmill exhaustion, grip strength, and Rotarod tests. Fasting plasma glucose, triglycerides, and insulin concentrations were measured at the end of the intervention. Data were analyzed using one-way analysis of variance followed by Tukey's post hoc test, with statistical significance set at P < 0.05. Results: Consumption of the high-fat diet significantly impaired physical performance and worsened metabolic parameters compared with healthy controls (P < 0.001). Following five weeks of intervention, the combined aerobic–resistance training with balance challenge group demonstrated the most favorable physical and metabolic outcomes among the HFD groups. Treadmill exhaustion time, grip strength, and Rotarod performance reached 127.9 ± 11.6 s, 217.0 ± 22.5 gf, and 114.5 ± 18.9 s, respectively. Compared with the untreated HFD group, this group showed a significant increase in treadmill exhaustion time (P = 0.007) together with significant reductions in fasting glucose, triglycerides, and plasma insulin (all P < 0.001). Nevertheless, metabolic indices remained significantly different from those of the healthy control group, indicating partial rather than complete recovery. Conclusion: Five weeks of combined aerobic–resistance training supplemented with a balance challenge partially attenuated HFD-induced impairments in physical performance and metabolic status in male Wistar rats. The combined exercise protocol produced the most favorable pattern of functional and metabolic improvements among the intervention groups, suggesting that multimodal exercise may represent an effective strategy for improving physical capacity and metabolic health in experimental models of diet-induced metabolic dysfunction.