An adjustable barbell or dumbbell or exercise device includes a handle, two carriers each having a tubular member attached to the end portion of the handle and each having a number of slots, a number of weight members attachable onto the tubular member of the carrier, and two latch members each having a shank engaged into the tubular member and each having a number of latch tongues extendible out through the slots of the carrier for engaging with the weight members and for anchoring the weight members on the carrier and the handle, and the latch tongues are selectively engageable into the tubular member of the carrier for allowing the weight members to be attached to and disengaged from the carrier and the end portion of the handle.