As science and technology continue to advance and life standards continue to improve, poor living and study habits are common among today’s college students, making their physical health deteriorate. At present, the physical fitness test management system of college students is not perfect. This paper studies the physical fitness test administration system for college students based on IoT smart sensors. It first briefly introduces the design of the physical health test management system and then proposes the IoT smart sensor network algorithm. With the rapid development of IoT, WSN has also grown rapidly as an important technical form of the underlying perception layer of the IoT. Then, this paper tests the data of the college students’ physical fitness test management system under the Grey Relational analysis, and finally, it conducts an experimental discussion on the realization and testing of the college students’ physical health management system. The experimental results of this paper showed that the college students’ physical fitness test management system through the Internet of Things smart sensor can quickly respond to the visits of multiple clients, with relatively high processing efficiency, and the efficiency is increased by 60%. The practical interface designed and implemented by this system has excellent practicality. The system interface uses a light blue background, which has good comfort in application, and the system has complete functions, which can meet the general requirements of university system health management.