A magnetic control exerciser includes a base, a pulley device and damping device respectively disposed on the base. A first rope is coiled on the pulley device, wherein a first handlebar and a second handlebar are respectively transversally connected to a first end and a second end of the first rope. A second rope has two opposite ends respectively connected to the pulley device and the damping device for providing a damping and promoting the effect of the magnetic control exerciser in accordance with the present invention. The first handlebar has an original horizontal height higher than that of the second handlebar for providing different exercising modes. A seat is secured on the base for user to easily operate the first handlebar and the second handlebar.