Previous research has shown that exercise can not only improve physical health, but can also provide psychological benefits, such as increased self-esteem. Research has also shown that an individual’s reasons for exercising can act as a moderating variable between exercise and self-esteem. The present study was conducted in order to further examine the relationship between exercise and self-esteem across genders. A total of 60 participants from a metropolitan university were assessed using a demographic questionnaire, the Rosenberg Self-Esteem Scale, the Reasons for Exercise Inventory, and the Obligatory Exercise Questionnaire. Results supported two initial hypotheses, thereby indicating that increased exercise is correlated with higher self-esteem, and that men exhibit higher levels of self-esteem than women. No significant results were found for gender differences in exercise frequency, or for the effect of different reasons for exercising on self-esteem. Since exercise is a voluntary, controllable activity, increasing its frequency may be a relatively simple way to boost one’s self-esteem and mood. In addition, the gender differences found in self-esteem may help shed light on gender variance in certain conditions, such as anxiety and eating disorders.