An exercise tricycle comprises a rear wheel, a one-way forward wheel, a front steering wheel and a brake mechanism which together provide the user with excellent exercise results. One of the user's feet is placed on the front wheel pedal, while the other foot is placed on the pedal between the two rear wheels. The user's two hands may pull two ropes to actuate the one-way forward wheel to drive the spindle and the rear wheels to cause the tricycle to move forwards. Steering and brake functions are performed by operating the front pedal assembly.