Objective: This study aimed to examine the association between physical activity (PA) and subjective well-being (SWB) in Chinese college students, and to determine if the perceived health mediated this association, while both controlling for age, gender, and body mass index (BMI). Participants: 1204 college students (47.8% female, mean age =19.76 ± 1.29 years) voluntarily completed a set of questionnaires in a single-wave (cross-sectional) assessment in 2016. Methods: Participants answered questions measuring happiness, life satisfaction, PA, and perceived health. Five multiple regression models were performed to test the mediating effect. Age, gender, and body weight status were added to all models as covariates. Results: Meeting the moderate- to vigorous-PA (MVPA) guideline (>150 min/week) was associated with higher levels of happiness and life satisfaction (p's < 0.001). These positive associations were weakened while controlling for the perceived health. Gender was a significant covariate for happiness and body weight status was a significant covariate for life satisfaction. Age was not a significant covariate for all models. Conclusion: PA is positively associated with SWB among college students and this positive association is partially mediated by the individual levels of perceived health. Universities might consider providing exercise programs and advocating students participating more MVPA as effective ways to support students' mental and emotional well-being.