A horse riding exercise machine comprising: a body frame having a box shape; a saddle support spaced apart from a central upper part of the body frame in an upward direction by a predetermined distance to support a saddle; a pair of upper support brackets mounted on a top surface of the body frame while facing each other; a shaft coupled by the upper support bracket; an operation frame having one end rotatably coupled to the shaft; a pair of operation rods having end parts rotatably coupled to an end part of the operation frame and opposite end parts rotatably installed to both side surface parts of a rear part of the saddle support; a lower support bracket installed at a lower part of the body frame; a coupling bar rotatably coupled to the lower support bracket; a coil spring having one end coupled to the coupling bar; a T bar formed in a "T" shape and having one end coupled to the lower support bracket; an elevation rod having one end coupled to the T bar and an opposite end coupled to the saddle support; a forward-backward rod rotatably installed on the saddle support and having one end installed to a lower part of a handle; a link rod having one end rotatably installed at a lower part of the handle and an opposite end rotatably installed at the saddle support; a first bar coupled to the forward-backward rod to interwork with the forward-backward rod and having one end rotatably installed at a front part of the saddle support; a second bar having one end rotatably installed at a rear part of the saddle support; a first rod having one end rotatably coupled to a lower end part of the first bar; a second rod rotatably coupled to the first rod; a third rod rotatably coupled to the second rod; a vertical bar having an upper end part rotatably coupled to a part at which the second rod and the third rod are coupled; a movable bar rotatably coupled at a rear end of the operation frame; a second flywheel coupled to a lower end part of the movable bar by a link to rotate through an elevation of the movable bar; a first flywheel interworking with the second flywheel by a belt; a lower bar rotatably installed at a lower end part of the vertical bar; a rotation frame having one end rotatably installed at the lower support bracket and an opposite end in a form of a free end; a main spring having one end fixed to the operation frame and an opposite end seated on a top surface of the rotation frame; a gear box installed in an inner space of the body frame and provided therein with a worm and a worm gear; a handle installed outside the body frame to rotate the worm of the gear box; and a rotation rod having one end coupled to the worm gear inside the gear box and an opposite end installed to the rotation frame to rotate by an operation of the handle. a body frame having a box shape; a saddle support spaced apart from a central upper part of the body frame in an upward direction by a predetermined distance to support a saddle; a pair of upper support brackets mounted on a top surface of the body frame while facing each other; a shaft coupled by the upper support bracket; an operation frame having one end rotatably coupled to the shaft; a pair of operation rods having end parts rotatably coupled to an end part of the operation frame and opposite end parts rotatably installed to both side surface parts of a rear part of the saddle support; a lower support bracket installed at a lower part of the body frame; a coupling bar rotatably coupled to the lower support bracket; a coil spring having one end coupled to the coupling bar; a T bar formed in a "T" shape and having one end coupled to the lower support bracket; an elevation rod having one end coupled to the T bar and an opposite end coupled to the saddle support; a forward-backward rod rotatably installed on the saddle support and having one end installed to a lower part of a handle; a link rod having one end rotatably installed at a lower part of the handle and an opposite end rotatably installed at the saddle support; a first bar coupled to the forward-backward rod to interwork with the forward-backward rod and having one end rotatably installed at a front part of the saddle support; a second bar having one end rotatably installed at a rear part of the saddle support; a first rod having one end rotatably coupled to a lower end part of the first bar; a second rod rotatably coupled to the first rod; a third rod rotatably coupled to the second rod; a vertical bar having an upper end part rotatably coupled to a part at which the second rod and the third rod are coupled; a movable bar rotatably coupled at a rear end of the operation frame; a second flywheel coupled to a lower end part of the movable bar by a link to rotate through an elevation of the movable bar; a first flywheel interworking with the second flywheel by a belt; a lower bar rotatably installed at a lower end part of the vertical bar; a rotation frame having one end rotatably installed at the lower support bracket and an opposite end in a form of a free end; a main spring having one end fixed to the operation frame and an opposite end seated on a top surface of the rotation frame; a gear box installed in an inner space of the body frame and provided therein with a worm and a worm gear; a handle installed outside the body frame to rotate the worm of the gear box; and a rotation rod having one end coupled to the worm gear inside the gear box and an opposite end installed to the rotation frame to rotate by an operation of the handle.