Abstract: An assisted pull-up and dip exercise device (10) which includes a frame (12), with both a pull-up bar (22) and dip bar (24), capable of supporting a person while performing these exercises. The invention includes an assist arm assembly (40) which connects to the frame (12) at the pivot point about which the assist arm assembly (40) rotates. The assist arm assembly (40) can be loaded at one end to provide variable counter-balancing support for the person while performing the exercise. Assisted pull-up and dip device (10) allows a person to perform the pull-up and dip exercises with the knees in a tucked position. This is the natural position for a person performing these exercises unassisted. The assist arm assembly (40) can be constructed so as to use common free weights to load the assist arm assembly (40). This removes the requirement for specialized weights which can only be used on a single exercise machine.