The purpose of the present study was to examine the influence of high school physical education on subjective well-being in university students. A total of 431 university students (male = 301, female = 130, mean age = 18.42 years, SD = .79) completed questionnaires regarding their exercise habits at high school (commitment to exercise in physical education, exercise outside of physical education), and their current levels of perceived exercise competence, self-esteem, and subjective well-being. First, 2 scales were developed and their factor structures and reliability examined: the commitment to exercise in physical education scale, and the exercise outside of physical education scale. The results indicated that these scales each contained one factor and had strong reliability. Next, through covariance structure analysis, we examined a hypothetical model positing that commitment to exercise during physical education and exercise outside of physical education indirectly promote subjective well-being through perceived exercise competence and self-esteem. The results revealed that (a) the hypothesized model had an acceptable fit (GFI = .936, CFI = .916, RMSEA = .093), (b) commitment to exercise during physical education and exercise outside of physical education had a positive effect on perceived exercise competence, (c) perceived exercise competence had a positive effect on self-esteem, and (d) self-esteem had a positive effect on subjective well-being. These results showed that commitment to exercise during high school physical education and exercise outside of physical education indirectly promoted subjective well-being through perceived exercise competence and self-esteem in university students.