This invention discloses an exercise machine with adjustable resistance. The exercise machine includes a fluid container, one or more paddles, a driving device, and an adjusting device. The one or more paddles are arranged in the fluid container into which a fluid is poured. The driving device comprises an adjusting rod to couple with the one or more paddles. The driving device transmits a user's force for driving the one or more paddles to rotate. The adjusting device can adjust a depth of the one or more paddles in the fluid, so as to provide differing degrees of resistance for the one or more paddles.