A folding elliptical exercise machine that allows for easy, safe, and quick storage and being capable, upon a single motion by a user, of changing its shape into a substantially compact form for storage, and vice versa, is provided. The elliptical exercise machine comprises first and second reciprocating foot supports interconnected to the frame, each foot support having a first end and a second end with a collapsible joint therebetween, wherein each reciprocating foot support is collapsible such that the exercise machine can be moved between the operating position and the storage position in a single step by rotating a rear portion of a base support structure upward and toward a front portion of the base support structure. A method for changing the position of the elliptical exercise machine of the present invention from an operating position to a storage position, and vice versa, also is provided.