The nonparabolicity of exciton dispersion due to the mixing of the ground and excited states of an exciton in an external magnetic field perpendicular to the direction of its motion is considered. A model describing this effect is proposed and the nonparabolicity for an exciton in a CdTe crystal is calculated. The magnetic-field induced exciton nonparabolicity is compared with the effect caused by the nonparabolicity of the electron energy dispersion in the conduction band.