The invention is a strap-based suspension exercise system that includes a main strap that is attached to a fixed or stationary object to anchor the exercise system and exercise straps that are used to perform a variety of exercises. Different main straps are provided that enable anchoring the exercise system virtually anywhere. The exercise straps, which may be inelastic or elastic are attached to the main strap using a uniquely designed buckle and include a safety strap. Various optional equipment, such as a foot hammock, a wrist or foot strap, additional handles, exercise straps with gym rings, and a vest worn by the user are provided.