(1) Background: The psychological benefits of cycling have been identified such as the maintenance of low-stress levels. However, no studies have been found addressing the benefits of cycling on variables such as emotional intelligence (EI) and motivational climate (MC), which are important for holistic development in children. This study aimed to investigate the interrelationships between MC, EI, and cycling habits in schoolchildren. (2) Methods: A descriptive, comparative, cross-sectional study was conducted in a sample of 347 Spanish schoolchildren (46.4% boys; 53.6% girls; Mage = 10.55, S.D. = 0.97). A sociodemographic questionnaire, the Trait Meta-Mood Scale (TMMS-24), and the Perceived Motivational Climate in Sport Questionnaire (PMCSQ-2) were applied for data collection. (3) Results: Boys use bicycles more frequently than girls; task-oriented motivational climate (TC) is observed in girls and schoolchildren with moderate cycling habits; ego-involving motivational climate (EC) prevails in boys and students who cycle more than four times per week; no statistical association was found between EI and cycling use habits; and EI and its dimensions correlate with TC and some categories of EC. (4) Conclusions: Moderate cycling habits are linked to a task-oriented MC and have slightly higher scores on general EI and its dimensions.