With training older adults can improve balance control, but the time course and neural mechanisms underlying these improvements are unclear. We studied changes in balance (robustness and performance), as well as in H-reflex gains, paired reflex depression (PRD) and co-contraction duration (CCI) in ankle muscles after short-term (1 session; STT) and long-term (3 weeks; LTT) balance training in 22 older adults. Mediolateral balance robustness during unipedal stance (time to balance loss in unipedal standing on a robotic platform with decreasing rotational stiffness) improved (33%) after STT, with no further improvement after LTT. Balance performance (mean absolute mediolateral center of mass velocity) improved (18.75%) after STT in perturbed unipedal standing and after LTT (18.18%) in unperturbed unipedal standing. CCI of soleus/tibialis anterior did not change after STT but increased (16%) after LTT. H-reflex gain and PRD excitability did not change with training. Cross-correlations showed that H-reflex gains in unipedal stance were lower and CCI was higher in participants with a more robust balance at the last time-point measurement and, CCI was higher in participants with better balance performance at several time-points. However, changes in robustness and performance were uncorrelated with changes in CCI, H-reflex gain, or PRD. Our results indicate that balance robustness improves over a single session, while balance performance improves more gradually over multiple sessions. Changes in co-contraction and motor neuron excitability of ankle muscles are not exclusive causes of improved balance performance and robustness.