An exhaust muffler has an outer cylinder into which an exhaust gas from an engine is introduced and a muffling member made of a foamed ceramic material. The outer cylinder has an inner cylinder through which the exhaust gas passes, a part of the muffling member is supported by an outer wall of the inner cylinder via a holding member. The inner cylinder includes, in an area where the inner cylinder overlaps with the muffling member with respect to axial direction of the inner cylinder, a porous wall portion formed with communication holes communicating an inside and an outside of the inner cylinder. The holding member is arranged at a position where it does not overlap with a part of the porous wall portion, so that muffling effect is enhanced, and the muffling member having a low resistance to impact forces can be supported stably by the inner cylinder.