A stepping exerciser includes a spindle rotatably supported on a base, a pair of foot pedals rotatably supported on the base and arranged to be moved up and down stepped upon by a user, a coupling device for coupling the foot pedals to the spindle, to drive and to rotate the spindle, a pair of handles rotatably supported on the base, and arranged to be rotated by the user, and a connecting device for connecting the handles to the spindle, to selectively drive and rotate the spindle. The spindle may thus be continuously driven by the foot pedals and the handles alternatively. One or more spring members or a wheel may apply a resistive force against the spindle.
