An exercise apparatus includes a platform having a front roller, a rear roller and an endless belt mounted around the front roller and the rear roller for allowing a user to perform walking, jogging or running exercises on the belt. A flywheel is coupled to one of the two rollers. A friction resistance device is coupled to the flywheel for being manually controlled by the user to adjust rotational resistance of the flywheel, and a magnetic resistance device is coupled to the flywheel as well for being manually controlled by the user to adjust the rotational resistance of the flywheel. A front frame is mounted at a front side of the platform and has at least one holding portion for being held by the user.