An hydraulic universal gym comprises a floor supported base having an exercise platform thereon, the base releasably mounting a vertically extending, rearwardly inclining upright assembly arranged to receive a vertically adjustable exercise lever arm pivotally thereon. A double acting hydraulic piston-cylinder unit is pivotally mounted at its rear end to the upright assembly a spaced distance below the pivotally mounted lever arm, and includes a piston rod which extends outwardly from each end of the cylinder, the forward end of the piston rod extending from the front of the cylinder being pivotally connected to the lever arm a spaced distance outwardly of the arm's pivotal attachment to the upright. A fluid pressure control manifold is provided to connect together the opposite ends of the cylinder on opposite sides of the piston and selectively regulate the fluid flow therebetween, adjustably regulating the resistance applied to the exercise lever arm connected to the piston in both of the arm's upward and downward movements about its pivot on the upright assembly.