An exercise bench includes a back support and first and second legs pivotally connected to respective ends of the back support. The legs are pivotal between positions extending generally perpendicular to the back support, and positions extending generally parallel to the back support. In addition to facilitating typical bench-related exercises, the bench is available for use as an aerobic step when the legs extend generally parallel to the back support, and as a high-level step when the legs extend generally perpendicular to the back support. Different latching mechanisms may be used to lock the legs in place, and/or the bench may be arranged in an inclined orientation by moving the legs to different positions. Handles and/or foot supports may be provided at one or more ends of the bench, as well.