This study compared 80 gay and straight Australian males on self report measures of body satisfaction, masculinity, femininity, narcissism, and reasons for exercising at gyms to explore factors related to excessive exercise. Gay males are less satisfied with their bodies compared to straight males. Improving appearance was more important for gay men, while fun was considered more important for straight men. Only sexual orientation and masculinity contributed independently to body satisfaction. Straight males who scored high on masculinity were most satisfied with their bodies, while gay males who scored low on masculinity were least satisfied with their bodies, irrespective of femininity and narcissism. Hours exercising per week and fun as a reason for exercising, significantly contributed to body satisfaction.