Objective To comprehensively explore the effects of trimetazidine (TMZ) tablets on exercise capacity and life quality in elderly patients with heart failure with ischemic cardiomyopathy (ICM). Methods A total of 136 patients with ICM complicated with HF admitted to the Department of Cardiology of Nanchong Central Hospital from January 2018 to December 2019 were selected and randomly divided into control and observation groups at a ratio of 1:1. According to the diagnosis and treatment guidelines, the two groups were treated with standardized treatment. The observation group was treated orally with TMZ sustained-release tablets, 20 mg/time, and tid for six months. Left ventricular end-diastolic diameter (LVEDD), left ventricular end-systolic diameter (LVESD) were examined by echocardiography, and left ventricular ejection fraction (LVEF) was calculated. In addition, the patients completed the 6-minute walking test (6MWT), the cardiopulmonary exercise tolerance test, and the Minnesota heart failure quality of life questionnaire. Results After treatment, the peak VO2 value, anaerobic threshold, and metabolic equivalents in the two groups increased while the life quality scores decreased (P<0.05). And the total effective rate, LVEF, 6MWT, peak VO2 value, anaerobic threshold, and metabolic equivalents in the observation group were significantly higher than that in the control group (P<0.05), and the life quality scores were lower than those in the control group (P<0.05). No severe adverse drug reactions occurred in the two groups, and the readmission rate in the observation group within six months was significantly lower than that in the control group (P<0.05). Conclusion Combined application of TMZ sustained-release tablets based on the conventional treatment of heart failure can significantly improve the clinical efficacy of elderly patients with heart failure with ischemic cardiomyopathy, and improve left cardiac function and cardiopulmonary exercise capacity without severe adverse reactions, to improve the quality of life quality.