This study examines the relationship between university students’ multidimensional satisfaction with physical education (PE) courses and their subjective well-being, grounded in positive psychology. After data screening, the final valid sample comprised 422 students. Two validated instruments were employed: the Chinese version of the physical activity-class satisfaction questionnaire and a well-being questionnaire adapted from the literature. Using descriptive statistics, reliability analysis, and structural equation modeling, the study confirmed that PE course satisfaction comprises nine key dimensions: mastery experiences, cognitive development, teaching, normative success, interaction with others, fun and enjoyment, improvement of health and fitness, diversionary experiences, and relaxation. These dimensions together form a coherent higher-order construct. Experimental results indicate a significant positive relationship between PE satisfaction and students’ well-being, particularly in terms of emotional well-being, social connectedness, and psychological adaptation. These findings suggest that PE courses, when well-designed and inclusive, can fulfill the psychological needs of students, promote motivation, and enhance both physical and mental health. The study recommends that university PE programs adopt diverse teaching strategies, integrate health education, and foster supportive social environments to optimize students’ holistic development. Future research should explore mediating mechanisms and cultural factors to further refine the theoretical model and practical applications.

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