Background: Physically active learning that combines physical activity with core curriculum areas is emerging in school-based health interventions. This study investigates the effectiveness of learning an important numeracy skill of times tables (TT) while concurrently engaging in aerobic activity compared with a seated classroom approach. Methods: Grade-4 primary school students were randomly allocated to physical activity (P) or classroom (C) groups and received the alternate condition in the following term. P group received moderate to vigorous exercise (20 min, 3 times per week, 6 wk) while simultaneously learning selected TT. C group received similar learning, but seated. Changes in TT accuracy, general numeracy, aerobic fitness, and body mass index were assessed. Data were expressed as mean (SEM) and between-condition effect size (ES; 95% confidence interval). Results: Participants [N = 85; 55% male, 9.8 (0.3) y, 36.4% overweight/obese] improved similarly on TT in both conditions [C group: 2.2% (1.1%); P group: 2.5% (1.3%); ES = 0.03; −0.30 to 0.36; P = .86]. Improvement in general numeracy was significantly greater for P group than C group [C group: 0.7% (1.2%); P group: 5.3% (1.4%); ES = 0.42; 0.08 to 0.75; P < .03]. An improvement in aerobic fitness for P group (P < .01) was not significantly greater than C group [C group: 0.8 (0.6); P group: 2.2 (0.5) mL·kg·min−1; ES = 0.32; −0.01 to 0.66; P = .06]. Body mass index was unchanged. Conclusion: Combined movement with learning TT was effective. Physically active learning paradigms may contribute to meeting daily physical activity guidelines while supporting or even boosting learning.