An exhaust muffler is made up of a plurality of layers including an exhaust passage pipe and expansion chambers, and includes a front assembly and a rear assembly sub-assembled separately from the front assembly. The front assembly includes a front exhaust passage pipe, a front muffler body disposed in covering relation to the outside of the front exhaust passage pipe and cooperating with the front exhaust passage pipe in making up double-walled pipes, and an exhaust valve disposed in the front exhaust passage pipe. The rear assembly includes a rear exhaust passage pipe and a rear muffler body disposed in covering relation to the outside of the rear exhaust passage pipe and cooperating with the rear exhaust passage pipe in making up double-walled pipes. There is thus provided an exhaust device for an internal combustion engine in which the accuracy of a position where the exhaust valve is installed is high.