A two-section physical-exercise elastic cudgel comprises a first carbon-fiber rod and a second carbon-fiber rod. The first carbon-fiber rod has a rod body, a first joint end with a first handle structure, and a first balance-weight end with a balance weight. The first handle structure has a handlebar, a male connection block, a supporter and a sleeve ring. The second carbon-fiber rod has a rod body, a second joint end with a second handle structure, and a second balance-weight end with a balance weight. The second handle structure has a handlebar, a female connection block, a supporter and a sleeve ring. The first handle structure is connected with the second handle structure via engagement of the male connection block and the female connection block to form a complete handle, whereby the first carbon-fiber rod and the second carbon-fiber rod form an easy-to-assemble, easy-to-disassemble, easy-to-carry and easy-to-collect two-section physical-exercise elastic cudgel.