Objective: Despite the well-documented benefits of regular physical activity (PA), many university students are physically inactive. Multiple factors, including perceived barriers and benefits and environmental factors (e.g., availability of exercise facilities), predict PA engagement behaviours in university students. This study primarily evaluated the barriers and facilitators to PA engagement in Zimbabwean undergraduate students using the Exercise Benefits and Barriers Scale. We also evaluated the correlates of exercise barriers and benefits to PA levels, mental health disorders and health-related quality of life (HRQoL). We recruited 465 university students. Data were analysed through descriptive statistics and logistic regression using SPSS Version 27. Results: The mean perceived benefits and barriers to PA were 95±11.4 and 28.6±5.4, respectively. The most perceived benefits were in the physical performance and life enhancement domains, while lack of exercise infrastructure and physical exertion were the most perceived barriers. Food insecurity and the risk of CMDS were associated with increased odds of experiencing barriers to exercise. Not using substances and a higher self-rated HRQoL were associated with increased odds of a high perception of exercise benefits. It is needful to improve access to on-campus exercise facilities and campus-wide health promotional interventions to enhance PA amongst university students.