This study was conducted to identify the differences by the stages of change in exercise behaviors of caregivers based on Transtheoretical Model. Methods: The subjects were consisted of randomly chosen 105 caregivers working in a nursing home. The collected data were analyzed with descriptive statistics, chi-square test, ANOVA and Duncan test using IBM SPSS Statistics 19. Results: The results showed that in the stages of exercise behaviors, there were most participants in contemplation stage with 24.7%, followed by 22.8% in preparation, 21.9% maintenance, 19.0% action and 11.4% pre-contemplation. As for the process of change by the stages of change in exercise behaviors, it showed statistically significant differences in behavioral strategies (F=7.64, p<.001). In decisional balance, pros (F=3.75, p=.007) showed statistical significance, with higher pros in all stages except pre-contemplation. Self-efficacy was also statistically significant (F=6.25, p<.001), especially in the maintenance stage. Conclusion: This study suggested that in order to encourage caregivers to exercise, a strategic intervention to reinforce the process of change, recognition of positive decision-making and promotion of self-efficacy in exercise behaviors should be developed.