Although the benefits of exercise are well documented, an international problem of physical inactivity exists. More research, especially theory based, has been recommended. One promising approach for studying exercise behavior is that proposed in the Transtheoretical Model (TTM) of behavior change. This model, however, has received minimal cross-cultural attention and, relative to the current study, measurement instruments have only recently been translated into the Finnish language. The purpose of this study was to assess American and Finnish college students' exercise behaviors on the basis of TTM. Participants were American (n = 169) and Finnish (n = 168) college students who completed language-specific measures of exercise behavior, stage of change, processes of change, decisional balance, self-efficacy, and temptation. The only cultural difference observed was that the American participants rated themselves higher on barrier self-efficacy relative to the Finnish participants. Regardless of nationality or gender, participants classified by their stage of change differed on all the core constructs assessed. These results generally support the utility of TTM for understanding American and Finnish college students' exercise behavior.