Exposure Correction (EC) aims to recover proper exposure conditions for images captured under over-exposure or under-exposure scenarios. While existing deep learning models have shown promising results, few have fully embedded Retinex theory into their architecture, highlighting a gap in current methodologies. Additionally, the balance between high performance and efficiency remains an under-explored problem for exposure correction task. Inspired by Mamba which demonstrates powerful and highly efficient sequence modeling, we introduce a novel framework based on \textbf{Mamba} for \textbf{E}xposure \textbf{C}orrection (\textbf{ECMamba}) with dual pathways, each dedicated to the restoration of reflectance and illumination map, respectively. Specifically, we firstly derive the Retinex theory and we train a Retinex estimator capable of mapping inputs into two intermediary spaces, each approximating the target reflectance and illumination map, respectively. This setup facilitates the refined restoration process of the subsequent \textbf{E}xposure \textbf{C}orrection \textbf{M}amba \textbf{M}odule (\textbf{ECMM}). Moreover, we develop a novel \textbf{2D S}elective \textbf{S}tate-space layer guided by \textbf{Retinex} information (\textbf{Retinex-SS2D}) as the core operator of \textbf{ECMM}. This architecture incorporates an innovative 2D scanning strategy based on deformable feature aggregation, thereby enhancing both efficiency and effectiveness. Extensive experiment results and comprehensive ablation studies demonstrate the outstanding performance and the importance of each component of our proposed ECMamba. Code is available at \url{https://github.com/LowlevelAI/ECMamba}.