The present invention provides a multifunctional exercise apparatus for allowing a user to perform rowing exercise or other exercises. The exercise apparatus includes a frame, a sliding seat, a cord winder, a spiral spring connected to the cord winder, a cord connected to the cord winder, a flywheel for generating an exercise resistance, and one-way transmission mechanism connected between the cord winder and the flywheel. The user is able to seat on the sliding seat and slide backward and forward in accord with repeating movement of pulling the cord to perform the rowing exercise, or having lower limbs partially press upon the sliding seat and two hands grasp gripping portions at a front end of the frame to perform other exercises such as stretching exercises. When performing other exercises, a distal end of the cord is connected to the sliding seat and backward movement of the sliding seat would drive the flywheel.