An exercise bicycle with an eccentric wheel includes a cushioning body and an elastic driving device. The cushioning body includes a front frame, a rear frame, a pivot, and a suspension. The front frame has a handlebar, a front wheel and a saddle. The rear frame has a fixed portion and an eccentric rear wheel. The pivot is disposed between the front frame and the rear frame. The suspension is connected to the front frame and the rear frame. The elastic driving device is mounted in the fixed portion of the rear frame and has two casing pipes, two springs, two upper pedals, two pedal assemblies, and a connecting board. The exercise bicycle allows a user pumping the elastic driving device up and down as horse-riding to achieve an exercising purpose.