An exhaust system of an internal combustion engine has an exhaust gas inlet tube extending from the engine. A muffler is connected at its inlet side to the exhaust gas inlet tube. The muffler includes first and second exhaust gas flowing passages. First and second exhaust gas outlet tubes are respectively connected to the first and second exhaust gas flowing passages and extend from the muffler independently. A flow controller steplessly varies the flow passage area of the second exhaust gas outlet tube in accordance with the pressure of the exhaust gas discharged from the engine. The flow controller continuously increases the flow passage area with increase of the magnitude of the exhaust gas pressure.