Studies show that students’ view of the subject of physical education (PE) is often dominated by sports discourse, and that the profession of higher education often fails to balance this view, which, in many contexts, does not align with the aims of governing documents in PE. The purpose of this study was to gain insight into how future students in physical education teacher education (PETE) perceive the subject. Written responses from 112 students at the start of their PETE study were analysed within the framework of reflexive thematic analysis. Based on questions about activity habits, we found that most students were active individuals who engaged in traditional physical activities such as ball games and basic training in their leisure time. Analysis of the students’ answers generated four themes: (1) Activity and bodily learning, (2) Motivation and joy of movement, (3) Health for life, and (4) “Bildung”. We argue through these four themes that the students’ perception of the subject with a focus on much physical activity through a variety of activities—physical learning, motivation, and joy of movement—are in line with governing documents and physical literacy. It is also clear that health discourse is strongly represented in the students’ perception of the subject and that physical education is an important contributor in the students’ formation process. However, some aspects of the curriculum seemed to be of lesser interest to the students. In conclusion, the students’ perceptions and experiences can serve as a starting point for change, learning, and development in physical education teacher education.