The invention provides a fan exercise bicycle, which comprises a bicycle frame, a seat cushion mechanism and an armrest mechanism, wherein the seat cushion mechanism is arranged at the back end of the bicycle frame by virtue of a seat tube, and the armrest mechanism is arranged at the front end of the bicycle frame by virtue of an armrest vertical tube; pedals, belt pulleys and a fan magnetic control wheel are additionally arranged on the bicycle frame; and the fan magnetic control wheel and the belt pulleys are connected by virtue of belts and are capable of rotating along with the rotation of the pedals. With the adoption of the technical scheme, the fan magnetic control wheel can be rotated as the pedals are rotated, and wind power is generated through a special hub structure of the fan magnetic control wheel along with the rotation of the fan magnetic control wheel, so as to promote heat dissipation of the exercise bicycle and to promote circulation of indoor air; therefore, the exercise bicycle is more conducive to sportsmen health and to exercise environment regulation.