This study examined self-efficacy (confidence to exercise), pros (exercise’s advantages), and cons (exercise’s disadvantages) as variables associated across the transtheoretical model’s six stages of change in 403 Japanese college students. A series of logistic regression analyses were conducted. Results showed that higher pros and lower cons were associated with being in contemplation compared to precontemplation. Lower cons were associated with being in preparation compared to contemplation. Higher self-efficacy was associated with being in action compared to preparation as well as being in maintenance compared to action. Lower cons were associated with being in termination compared to maintenance.