The present invention relates to a freewheel adjustable wheel and an exercise bicycle including the same and. More specifically, may comprise a rotation gear part which rotates together with a pulley fixed to the outer side thereof and has a circular gear formed along the outer circumference thereof; a case part for rotatably supporting the rotation gear part; a first power transmission part for transmitting power which has been transmitted to the rotation gear part to the case part when the rotation gear part rotates in the normal direction; and a second power transmission part for transmitting power which has been transmitted to the rotation gear part to the case part when the rotation gear part rotates in the reverse direction.