A wheel exercising device includes a shank, two handgrips, two wheels, and two caps. The shank has a first threaded section and a second threaded section having different screwing directions. Each of the two handgrips is formed with an internal threaded section screwed onto the first threaded section and the second threaded section of the shank. At least one elastic member is connected between the two handgrips. Each of the two wheels is mounted on the shank. Each of the two caps is mounted on the shank and rests on one of the two wheels. When the two wheels are rotated forward and backward, the two handgrips are moved inward and outward synchronously along the first threaded section and the second threaded section of the shank.