A collapsible exercise assembly for performing dip exercises includes a pair of uprights that may each be vertically oriented on a support surface. Each of the uprights may be gripped thereby facilitating dip exercises to be performed. A folding unit is coupled between the pair of uprights. The folding unit is selectively positioned in a deployed position having the uprights being spaced a selected distance apart from each other. The folding unit is selectively positioned in a folded position having each of the uprights being spaced a minimum distance apart from each other.