Predisposing factors of perceived physical education (PE) ability and perceived PE worth within the Youth Physical Activity Promotion Model are positively associated with young people’s daily physical activity. The aim of this study was to qualitatively investigate the origins of students’ perceived PE ability (perceived competence and self-esteem) and perceived PE worth (attitude and enjoyment). Fifty-three PE students, aged 12–14 years (mean = 13.18), participated in semi-structured focus group interviews, which were recorded, transcribed and analysed inductively and deductively and represented as pen profiles. Analysis revealed three higher order themes relating to perceived PE ability (external feedback, perceptions of (in)competence and comparison against peers), and three higher order themes underpinning perceived PE worth (PE teachers, expectancy–value relationship and the physical experience of PE). PE should be perceived as interesting, relevant and meaningful by students and provide appropriate opportunities for success so as to influence lifetime physical activity habits.