Purpose: Physical literacy (PL) has been proposed as a key construct for understanding participation in physical activity. However, the lack of an agreed-upon definition and measure has hindered research on the topic. The current study proposed and analyzed the construct validity of a PL model comprised of motor competence, perceived competence, motivation, and enjoyment. Method: The authors tested three different models in two samples: Grade 5 (N = 1,448) and Grade 7 students (N = 698). Results: The PL construct was best represented as a hierarchical model in both the Grade 5, X[superscript 2](295) = 791.90, p < 0.001; root mean square error of approximation = 0.035; and comparative-fit index = 0.97, and the Grade 7 samples, X[superscript 2](295) = 557.21, p < 0.001; root mean square error of approximation = 0.036; and comparative-fit index = 0.98, samples. Discussion: Future work is needed to design and evaluate a PL measure consistent with our model. Such work will help generate further research and understanding of PL.