An exercise barbell comprises a pair of rings connected by a pair of curved bars. The rings rotatably support handle members. Extensions of the bar on the exterior of the two rings support crescent-shaped weights which conform to the outer diameter of the ring and to one another. The weights are relatively flat so the entire apparatus lies in a single plane. A straight bar connecting the opposed sides of the two rings supports a sliding weight which may be moved to one side of the bar or the other to allow asymmetrical exercises.