An exercise apparatus includes a frame, two crank units, two reciprocating members, two swing arms, two linkages and two carrying arms. A predetermined portion oriented between the top and bottom ends of each linkage is pivotally coupled to the corresponding crank unit and is moved along a circular path. The top end of each linkage is pivotally coupled to the corresponding reciprocating member and is moved along a curved path between two retracing points. The front end of each carrying arm is pivotally coupled to the bottom end of the corresponding linkage and is moved along a first closed path which is elliptical-like shaped. A predetermined portion oriented between the front and rear ends of each carrying arm is pivotally coupled to the bottom of the corresponding swing arm. The rear end of the carrying arm supports user's foot and is moved along a second closed path.