A rotating and swinging exerciser includes a base, a housing rotatably attached onto an axle of the base, a frame disposed on the base and having an inclined peripheral surface, and a lever pivotally secured to the housing with a pivot pin and having two foot pedals pivotally attached to two end portions. The lever is slidably engaged onto and movable along the inclined peripheral surface of the frame, and to cause the housing to rotate relative to the base. One of the foot pedals may be forced to move upwardly along the inclined peripheral surface of the frame when the other foot pedal is stepped downwardly by a user and when the lever is moved along the inclined peripheral surface of the frame.