Obesity is a multifactorial metabolic disorder characterized by energy imbalance, chronic inflammation, and insulin resistance. Regular exercise is one of the most effective non-pharmacological interventions for improving metabolic health by enhancing energy expenditure, fat oxidation, and insulin sensitivity. This review compares the physiological and metabolic effects of various exercise modalities applied for obesity management, including aerobic exercise, high-intensity interval training (HIIT), low-intensity steady-state exercise (LISS), resistance training, and concurrent exercise. Aerobic exercise improves cardiorespiratory fitness and promotes lipid oxidation, whereas HIIT induces rapid metabolic activation and enhances insulin sensitivity with high time efficiency. LISS provides stable fat oxidation and high adherence, particularly for obese or high-risk individuals. Resistance training increases lean body mass and resting metabolic rate, thereby supporting long-term weight maintenance. Concurrent exercise combines the advantages of both aerobic and resistance training, improving body composition, mitochondrial function, and metabolic flexibility. Collectively, exercise interventions play a crucial role in reversing obesity-related metabolic dysfunction, and personalized, combined, and sustainable exercise strategies are most effective for long-term obesity management.