We characterize exchange rings having stable range one. An exchange ring $R$ has stable range one if and only if for any regular $a\in R$, there exist an $e\in E\left(R\right)$ and a $u\in U\left(R\right)$ such that $a=e+u$ and $aR\cap eR=0$ if and only if for any regular $a\in R$, there exist $e\in r.ann\left(a^{+}\right)$ and $u\in U\left(R\right)$ such that $a=e+u$ if and only if for any $a,b\in R$, $R/aR\cong R/bR⟹aR\cong bR$.