The purpose of this research was to examine the relationship between the physical activity of students, their life satisfaction and quality of life. A total of 188 undergraduate and graduate students of the Faculty of Kinesiology Osijek participated in the research. Instruments used in this research were the Satisfaction with Life scale, The International Physical Activity Questionnaire, The Physical Self-Description Questionnaire – Short Form and The Short Form 36 Health Survey. Most of the participants, 89.4% of them, are highly physically active and engage in vigorous-intensity physical activities. The conducted study showed that male students are more physically active than female students. Male students engage in physical activities of vigorous and moderate intensity significantly more than female students. There is a positive relationship between vigorous-intensity physical activity and physical activity as part of an individual's self-concept. Students who engage in vigorous-intensity physical activity report fewer limitations due to physical health. The results of hierarchical regression analysis show that gender, body mass index, physical exercise as part of physical self-concept and physical functioning are significant predictors and predict 14% of the variance of the life satisfaction criteria. In conclusion, results from this research indicate that the individual's experience of engaging in physical activities is more important for life satisfaction than the level of physical activities.