Background: This study aimed to compare the effects of plyometric and ankle stability exercises on the dynamic balance and lower limb kinematic and kinetic parameters of Taekwondo demonstration athletes with functional ankle instability. Methods: Fourteen subjects participated in this study and were randomly divided into two groups: a plyometric exercise group (n = 7) and an ankle stability exercise group (n = 7). Exercises were performed twice a week for 8 weeks. A Y-balance test was used to measure dynamic balance, and a motion analysis system and force plate were used to collect kinematic and kinetic parameters during single-leg drop landing. A paired t-test was used for intragroup comparisons, and an independent t-test was used for intergroup comparisons. Results: In both groups, exercise increased dynamic balance and shock absorption and reduced postural sway on the anteroposterior displacement (p < 0.05). The plyometric exercise group decreased their ankle dorsiflexion and increased their knee and hip joint flexion at maximum knee flexion (p < 0.05). In contrast, the stability exercise increased their ankle plantar flexion at initial contact (p < 0.05). Conclusions: The plyometric exercise group altered their landing strategies using their knee and hip joints to control ankle instability at landing. This study suggests that the application of plyometric exercises in ankle rehabilitation would improve stability and shock absorption and help prevent injuries during Taekwondo demonstrations.