Health and Physical Education (HPE) has been an important learning area in the "New Zealand Curriculum" (NZC) since the two learning areas were integrated in the 1990s. HPE in the NZC proposed a multi-dimensional education vision, principles and values for students' holistic development founded upon theoretical perspectives such as critical theory, humanism and socio-cultural theory. However, it is unclear whether physical education (as opposed to HPE) is still considered relevant to students' holistic learning experience espoused by academics. Using the theoretical assumption of phenomenology, this research is a qualitative case study designed to investigate primary school classroom teachers' perceived value of physical education in New Zealand. Four primary schools and eight classroom teachers were purposively recruited. Data were from individual semi-structured interviews, documents, observation and email. Data were analysed using thematic analysis and the constant comparative method. The findings identified six subthemes under the postulated value of physical education (physical, psychological and cognitive development): (1) 'it has benefits for physical well-being and health'; (2) 'students learn a lot of social skills'; (3) shaping good character and self-efficacy; (4) physical education is for fun; (5) good character and self-efficacy can bring into classroom learning; and (6) physical education as 'a reset button'. The teachers' perspectives indicate their understanding of the contribution physical education has to the primary school curriculum in terms of facilitating students' holistic development in physical well-being, social skills and supporting other learning areas. We strongly suggest that teachers need to concentrate on students' learning experiences rather than the learning outcomes.