A motorcycle, having both left and right mufflers, has an exhaust structure which enables an increase in the allowable margin through which the rear wheel is permitted to rise. A main exhaust pipe extends from an engine to one side of a shock absorber disposed on the rear side of the engine. The main exhaust pipe is branched in the vicinity of the shock absorber into a first branch pipe and a second branch pipe. The first branch pipe is connected to a first muffler disposed on the same side as the main exhaust pipe, and the second branch pipe is connected to a second muffler after passing between the shock absorber and a rear wheel to the opposed side of the vehicle body. The second branch pipe does not interfere with the rising motion of the rear wheel, and a sufficient allowable margin is secured for the rear wheel.