BACKGROUND: The mental health of college students significantly impacts their life, academic performance, and even employment prospects. Research indicates that physical exercise can promote mental health, but the pathways of its influence require further exploration. This study investigates the relationship between physical exercise and psychological capital in college students, focusing on the mediating roles of perceived social support and self-control. OBJECTIVES: This study seeks to investigate the relationship between physical exercise and psychological capital among university students, with a further in-depth analysis of the mediating roles played by perceived social support and self-control within this dynamic. METHODS: Using cluster sampling, we surveyed 898 college students from five universities in Xinxiang, Henan Province, employing the Physical Activity Rating Scale (PARS-3), the Perceived Social Support Scale (PSSS), the Revised Self-Control Scale (SCS), and the Psychological Capital Questionnaire (PCQ). Data were analyzed using SPSS 26.0 and Amos 23.0, and common method bias was tested using Harman's single-factor test. The significance of the mediation effects was tested using the bootstrap sampling method. RESULTS: (1) Physical exercise is significantly correlated with psychological capital (r = 0.786, p <
0.01)
(2) Perceived social support and self-control mediate the relationship between physical exercise and psychological capital
(3) The mediation effect consists of two indirect effects: physical exercise → perceived social support → psychological capital (β = 0.404, 95% CI: 0.336-0.473) and physical exercise → self-control → psychological capital (β = 0.158, 95% CI: 0.067-0.242). CONCLUSION: Physical exercise can directly enhance the psychological capital of college students and can indirectly influence psychological capital through perceived social support or self-control. The mediating effect of perceived social support is stronger than that of self-control.