An adjustable exercise bench includes a vertical mounting bar with a plurality of pre-drilled holes and a backrest mounted to the mounting bar. The backrest can be moved upward or downward. In one embodiment, the backrest is bifurcated and has an adjustable head pad and an adjustable back pad. The head pad and back pad are configured for slidable upward and downward movement along the mounting bar. A lower surface of the head pad and an upper surface of the back pad are sized and shaped for a substantially close sliding reception with each other.