Disclosed is a stepper, which includes a base frame, two pedal frames bilaterally pivotally supported on the base frame, a friction wheel supported on the middle of the rear side of the base frame, two links bilaterally coupled between the pedal frames and the friction wheel for enabling the friction wheel to be alternatively turned forwards and backwards when the pedal frames are alternatively moved up and down by the user, and an adjustment rod rotatably mounted in the base frame to impart a friction resistance to the friction wheel.