The present invention relates to an exercise apparatus with an adjustable resistance assembly. The adjustable resistance assembly has a screw portion. An user can rotate an operating portion which is connected to one end of the screw portion to move the screw portion to drive a pushing portion toward a rotating member which is pivotally connected on the exercise apparatus. Simultaneously, the pushing portion drives an elastic member to cause deformation and make a friction surface of a resistance member which is connected on the elastic member gradually press the rotating member therefore increases friction resistance. When the user rotates the operating portion reversely, the screw portion is moved outward the rotating member and the elastic member recovered from the deformation thereby decreases the friction resistance relative to the rotating member.