An exercise garment includes front and rear panels with height adjusting straps that extend over the wearer's shoulders. The front panel includes an outer compression fabric and an inner cup assembly, which is essentially non-compressive. The cup assembly includes individual cups for each breast, which can each include an under support. An elastic band extends around the bottom portion of the garment. Tensioning structures, such as side flaps extending from the back to the front, can be provided to adjust the circumferential size of the garment. The garment can include releasable connectors on the side of the garment to at least partially release the compressive tension to aid in putting on and taking off the garment.