Objective: Grounded in goal content theory, this study tested two mediation models that examined the direct and indirect effects of intrinsic and extrinsic goals on exercise participation and subjective vitality in college freshmen. Methods: Participants were 181 college freshmen (M[subscript age] = 18.12 years) who completed an online survey that assessed their goal content, psychological need satisfaction, motivational regulations, exercise participation, and subjective vitality in the context of exercise. Results: Path analysis revealed an acceptable model fit for the hypothesized model, indicating that psychological need satisfaction mediated the positive relationships between intrinsic goals and, relative autonomy index (RAI), exercise participation, and subjective vitality, while RAI mediated the negative relationships between extrinsic goals and, exercise participation and subjective vitality. Conclusions: Findings expand current knowledge of goal content, indicating that emphasizing social affiliation, health management, and skill development is conducive to exercise participation, whereas focusing on appearance and social recognition could be detrimental.