This study investigated the influence of moderate-intensity exercise (EX; 20 min cycling exercise, 60% heart rate reserve) on executive function (EF) and prefrontal cortex (PFC) hemodynamics, compared to control (CON; 20 min seated, listening to statistics audio recording). EF tests were Go/NoGo, Task Switching, and Reading Span. Near-infrared spectroscopy (NIRS) measured total hemoglobin concentration (tHb). Compared to CON, right PFC tHb was elevated from baseline at 0 and 15 min post-EX during Go/NoGO and Task Switching, and at 0 min post-EX during Reading Span. In both EX and CON, tHb was unchanged during “rest” between EF tests.