College students are experiencing substantial mental health challenges including depression, anxiety, and loneliness, while spending less time being physically active and more time sitting with screened devices. Physical activity and social connection with peers can improve psychological wellbeing in college students. This study explored the impact of Fitness Buddies, a peer-led physical activity program, on college students’ (n = 19) psychological wellbeing, basic psychological needs satisfaction in relationships, physical activity behavior, and perceived academic performance. While most relationships between variables were not statistically significant, descriptive analyses showed increases in psychological wellbeing and basic psychological needs satisfaction. Weekly physical activity minutes did not increase. Participants reported increased enjoyment, energy, physical and social competence, and perceived academic engagement and success, as well as decreased stress and anxiety after sessions. Fitness Buddies is an effective, safe, and inclusive program that has potential to expand campus recreation usage and improve students’ perceived wellbeing.