A weight lifting frame system with a rear frame member, first and second side frame members coupled to opposite ends of the rear frame member and a barbell holding and guiding assembly capable of releasably securing a barbell for selectively guided movement of the barbell relative to the side frame members. The assembly is configured to receive and releasably retain the barbell therein, and includes first and second guide members coupleable to the side frame members, and first and second movable holders coupleable to the guide members.