A weighted exercise vest includes a plurality of pockets for holding small items, and standard free gym weights. Each pocket includes a pocket opening and a pocket flap for securely retaining the items and weights within each corresponding pocket opening. The vest includes shoulder support pads for protecting the shoulders of a user by cushioning the weight of a weight-lifting equipment, such as a barbell, permitting a person to use the vest with alternative exercise regimens. The vest also includes shoulder panels and side panels including adjustable fastening means for adjusting the size of the vest to conform to different users.