This study examined adolescent leisure-time physical activity correlates using the expectancy-value (EV) model. Adolescents (N = 857) completed questionnaires to assess competence and value self-perceptions, social influences, and physical activity. Direct and indirect effects of self-perceptions and parent and best friend influences on physical activity were explored using structural equation modeling. Measurement models were a good ft to the data and gender invariance was supported. The structural mediation model was a reasonable ft to the data, whereby the indirect effects of parents and peers and the direct effects of competence beliefs and values together accounted for 49% of the variance in physical activity. In this model, the pattern of relationships was similar for adolescent males and females. Findings supporting the EV model provide theoretical and practical implications for understanding adolescent physical activity.