A dual-purpose foldable treadmill includes a drive unit, a base frame, an arm frame, a cantilever panel and a tread frame. The arm frame extends in an upright direction from a wall of the base frame and terminates at a top joining end. The cantilever panel extends transversely from the top joining end. The tread frame is pivotally connected to and foldable relative to the base frame such that a lengthwise line of the tread frame is parallel to the upright direction of the arm frame in the folded position. The folded treadmill can be used as a piece of furniture for storage or as a bench.