A dumbbell system (10) is provided including a base weight member (12) having a ring-shaped body (14) and a handle (18) extending across an opening (16) in the ring-shaped body (14). A plurality of weight rings (20, 22, 24) are adapted to be removably mounted to the base weight member (12) in order to provide a compact dumbbell system which has the capability of providing several weight increments in a compact assembly. The dumbbell system (10) is ideal for use in areas where space is limited. The dumbbell (10) also provides for a unique balanced mass arrangement which alleviates undesired stresses on a user's wrist.