The purpose of this study was to evaluate corticospinal excitability to the biceps and triceps brachii during forward (FWD) and backward (BWD) arm cycling. Corticospinal and spinal excitability were assessed using transcranial magnetic stimulation (TMS) and transmastoid electrical stimulation (TMES) to elicit motor evoked potentials (MEPs) and cervicomedullary evoked potentials (CMEPs), respectively. MEPs and CMEPs were recorded from the biceps and triceps brachii during FWD and BWD arm cycling at two positions, 6 and 12 o’clock. The 6 o’clock position corresponded to mid-elbow flexion and extension during FWD and BWD cycling, respectively, while 12 o’clock corresponded to mid-elbow extension and flexion during FWD and BWD cycling, respectively. During the flexion phase, MEP and CMEP amplitudes of the biceps brachii were higher during FWD than BWD cycling. However, during the extension phase, MEP and CMEP amplitudes were higher during BWD than FWD cycling. For the triceps brachii, MEP amplitudes were higher during FWD cycling compared to BWD regardless of phase. However, CMEP amplitudes were phase-dependent. During the flexion phase, CMEPs of the triceps brachii were higher during FWD cycling compared to BWD, but during the extension phase CMEPs were higher during BWD cycling compared to FWD. The data suggests that corticospinal and spinal excitability to the biceps brachii is phase- and direction-dependent. In the triceps brachii, spinal, but not corticospinal, excitability is phase-dependent when comparing FWD and BWD cycling.