The purpose of this study was to investigate the connection between gender, Body Mass Index (BMI), psychological characteristics (self-esteem, trait anxiety, social physique anxiety) and the motives for exercise participation. Three hundred and six (306) exercise participants volunteered to participate in the study. The results of the study indicated significant differences based on participants’ gender and BMI. More specifically, men participate in exercise programs motivated by competition/ego, while women prefer to improve their appearance and psychological condition. Also, individuals of low BMI seem to be motivated by physical appearance to participate in exercise programs. Psychological factors were also studied indicating that self-esteem was a significant predictor of competition/ego, affiliation and physical condition motives, trait anxiety can predict others’ expectations and psychological condition and social physique anxiety can predict the appearance motive. Individuals with increased levels of the above psychological characteristics were not motivated to participate in exercise programs by intrinsic motives