Physical exercise is crucial to the development of students’ physical and mental health. This study explored the relationship between live sports learning and college students’ exercise behaviors, and the mediating roles of exercise motivation and exercise commitment, aiming to provide theoretical bases for the future that explain the mechanism of live sports learning in exercise behaviors, as well as practical guidance for the promotion of positive physical exercise behaviors in college students. In total, 1189 college students from China volunteered to complete questionnaires. The results showed that live sports learning positively predicted college students’ exercise behavior and that live sports learning was able to affect exercise behavior through the mediating roles of exercise motivation and exercise commitment, with specific mediating paths including the two independent mediating paths and a serial mediating path of exercise motivation and exercise commitment. This study confirmed, for the first time, on live sports learning in the process of promoting exercise behavior. It is suggested that educators instruct college students to regulate their participation in live sports learning and to cultivate healthy exercise motivation and exercise commitment, which is an effective way to facilitate college students’ practice of physical activity.