A pedaling exercise device includes a rotation mechanism configured to pivotally support a rotation shaft to allow rotation, a pair of cranks having first ends connected to both ends of the rotation shaft of the rotation mechanism, respectively, a pair of links having first ends rotatably connected to second ends of the cranks, respectively, and having second ends provided with wheels, respectively, a pair of pedal portions connected to the links along a longitudinal direction of the links, respectively, a rolling surface connected to a first end of the rotation mechanism on a user side, and a restriction portion configured to restrict separation of the wheels from the upper surface of the rolling surface in a case where the first end of the rotation mechanism is lifted such that the rotation mechanism is erected in a state where a second end of the rotation mechanism is grounded.