A horse riding exercise machine includes: a saddle support; an operation frame; a pair of operation rods; an elevation rod; a forward-backward rod; a vertical bar; a movable bar; a flywheel; a rotation frame; a main spring; a gear; and a handle. The horse riding exercise machine can be driven without power by using energy stored in the flywheel so noise from the motor and a drive apparatus indoor can be suppressed and energy consumption can be prevented, and, specifically, the horse riding exercise machine can be adjusted suitable for the weight of the user by using the handle and the foot support can be used according to the height of the user.