Guided by achievement goal theory, the current study examined whether perceived motivational climate mediated the relationship between achievement goals and satisfaction with physical activity among college students, as well as whether this mediation differed by sex. Participants (N = 304) completed questionnaires assessing their achievement goals, perceived motivational climate, and satisfaction with physical activity. Perceptions of a mastery-focused climate were found to be a mediator of the relationship between mastery goals and satisfaction. The mediating role of perceived motivational climate did not differ based on the sex of the student. Collectively, results of this study support the view that mastery goals and perceived mastery climate are motivationally beneficial to students in the physical activity domain.