An agility ladder for athletic training and exercise use is shown and described. The ladder has at least two elongated parallel railings spaced by rungs extending between the railings. The railings are preferably flexible so that they may be folded to collect the rungs into a stacked or bundled configuration. The collected rungs may then be mounted on an elongated handle for storage purposes. The rungs are slidably mounted on the railings so that they may be repositioned thereon, but a locking arrangement is also provided to allow the rungs to be firmly fixed in place on the railings.