A folding mechanism for a handrail frame assembly of a treadmill having a coupling cross shaft with a rotational disc at each side thereof for pivotally coupling to the hollow handrail frame assembly. A pull rod is received within the handrail frame assembly. In this way, two handles and a console support at the top end of the handrail frame assembly move by use of the corresponding action of the pull rod toward each other or away from each other in position when the handrail frame assembly is folded in a storage position or moved in an upright position.