1. Making lively and cheerful
   "the exhilarating effect of mountain air";
   - stimulating
    
2. Making lively and joyful
   "Participants who were exposed to exhilarating music generally indicated less despondency";
   - elating

1. Fill with great joy or delight
   "He was exhilarated by his phenomenal success";
   - tickle pink [informal], inebriate [rare], thrill, exalt, beatify

See also: exciting, invigorating

Type of: elate, intoxicate, lift up, pick up, uplift