There is growing interest in how athletes’ physical activity participation may be impacted when they transition out of competitive sport; however, few studies have examined the process of physical activity transitions in collegiate student-athletes using a qualitative approach. The purpose of our study was to explore student-athletes’ perceptions of, and experiences with, physical activity in the transition out of collegiate sport. Our analysis of transcripts from 13 focus groups conducted with current and former student-athletes (n = 59) suggests that student-athletes experienced a journey from control to liberation as they transitioned into their postcompetitive lives. In this exciting yet challenging transitional journey, participants were faced with navigating newfound autonomy over their physical activity outside of the controlled environment of collegiate sports and were considering the value and meaning of physical activity within a health promoting context. We offer practical recommendations from these findings to support student-athletes in this transition.