Pulmonary (PR) and cardiac rehabilitation (CR) are recommended in the management of chronic obstructive pulmonary disease (COPD) and chronic heart failure (CHF); the impact of co-existing COPD and CHF on completion and outcomes of rehabilitation programmes is unknown. We examined enrolment, completion and clinical outcomes of CR and PR in adults with COPD, CHF and co-existing COPD and CHF. The National Audit of CR and National COPD Audit Programme: Clinical audit of PR were analysed (211 PR and 237 CR programmes); adults with a diagnosis of CHF, COPD or co-existing COPD and CHF were identified (COPD+CHF or CHF+COPD according to database). Propensity matching was conducted (age, sex, body mass index and functional status) between COPD+CHF and COPD, and CHF+COPD and CHF. Group by time interaction was examined using a mixed 2×2 ANOVA. Those with CHF+COPD had lower enrolment and completion of CR compared to those with CHF; there were no differences in PR enrolment or completion between the two groups. Adults with COPD made a significantly larger gain in the incremental shuttle walk test compared to adults with COPD+CHF following PR (59.3 mversus37.4 m); the improvements following CR were similar (CHF 77.3 mversusCHF+COPD 58.3 m). Similar improvements were made in the six minute walk test following CR (CHF 45.1 mversusCHF+COPD 38.8 m) and PR (COPD 48.2 mversusCOPD+CHF 44.0 m). Comparable improvements in quality of life and mood state were made following CR and PR, regardless of diagnosis. We have demonstrated multi-morbid adults benefit from exercise- based rehabilitation, yet efforts are needed to promote completion. These findings support group based, tailored, multi-morbid exercise rehabilitation.