The article is devoted to the role of exercises in the methodological and mathematical literacy development of future primary school teachers. An exercise is an action that is repeatedly performed in order to acquire knowledge, form skills or methods of activity. We consider the system of mathematical exercises, the stages of their implementation, the algorithms for performing each type of mathematical exercises are revealed: tasks, examples, equations. The stages of execution are presented: reading and analysis, execution, results of exercises. The essence of special exercises for the development of methodological and mathematical literacy of future primary school teachers (modeling and practice-oriented exercises) is revealed. Examples of tasks from the textbook "Mathematics" for primary classes and the algorithm of their execution are considered. The results of experimental research work on the basis of the Institute of Pedagogy and Psychology with the participation  81 students of 3rd-year of the specialty "Pedagogy and methods of primary education" are presented. The final conclusions are given.