The significance of redox homeostasis in the functional adaptation, injury repair, and health maintenance of skeletal muscle has been increasingly recognized. Redox homeostasis in skeletal muscle is a dynamic equilibrium process that precisely regulates the generation and clearance of reactive oxygen species (ROS). This regulation enables skeletal muscle to effectively cope with oxidative stress induced by exercise, thereby promoting cellular health and functional recovery. Moderate ROS generation helps activate the antioxidant system and facilitates adaptive responses in muscle. As crucial signaling molecules, ROS play significant roles in skeletal muscle metabolism, antioxidant responses, mitochondrial function, and protein synthesis during exercise. However, excessive ROS can trigger oxidative stress, damaging the structure and function of muscle cells, leading to muscle degeneration. This review comprehensively explores the regulatory mechanisms of redox homeostasis in skeletal muscle, particularly the processes of ROS generation and clearance. It also examines the impact of exercise on the redox status of skeletal muscle, with a focus on analyzing signaling pathways related to oxidative stress, especially the roles of the Nrf2/KEAP1 and HSP72/HSF1 pathways during exercise. In-depth research into redox signaling pathways and their regulatory mechanisms under different exercise modalities is crucial for optimizing exercise training programs, improving skeletal muscle health, and preventing and treating associated diseases.