A convertible exerciser includes a post extended from a base, a pair of cranks rotatably attached to the base, a pair of handles rotatably attached to the post of the base, a pair of levers slidably engaged on the free end portions of the cranks and each having a front portion pivotally coupled to the handles to allow the levers to be movably coupled to the handles, and a pair of foot supports slidably engaged on the levers. The front portions of the foot supports may be selectively coupled to the handles to conduct an elliptical exercise, or selectively coupled to the post of the base, to conduct a stepping exercise, to allow the users to conduct different kinds of exercises with a single convertible exerciser.