Goals are central to exercise motivation, although not all goals (e.g., health vs. appearance goals) are equally psychologically or behaviorally adaptive. Within goal content theory (Vansteenkiste, Niemiec, & Soenens, 2010), goals are adaptive to the extent to which they satisfy psychological needs for autonomy, competence, and relatedness. However, little is known about what exercisers pursuing different goals are feeling, doing, thinking, and paying attention to that may help to explain the association between goal contents and need satisfaction. Using semistructured interviews and interpretative phenomenological analysis, we explored experiences of exercise among 11 adult exercisers who reported pursuing either predominantly intrinsic or extrinsic goals. Four themes emerged: (a) observation of others and resulting emotions, (b) goal expectations and time perspective, (c) markers of progress and (d) reactions to (lack of) goal achievement. Intrinsic and extrinsic goal pursuers reported divergent experiences within these four domains. The findings illuminate potential mechanisms by which different goals may influence psychological and behavioral outcomes in the exercise context.