Physically active leisure plays a key role in successful aging. Exercise beliefs are one of the key predictors of exercise behavior. We used structural equation modeling to assess the plausibility of a conceptual model specifying hypothesized linkages among middle-aged adults' perceptions of (a) exercise beliefs, (b) physical exercise behavior, and (c) subjective well-being. Four hundred two adults in South Korea responded to survey questions designed to capture the above constructs. We found that physically active leisure participation leads to subjective well-being for both middle-aged men and women. However, men and women exercised for different reasons. Women exercised for the sake of their physical appearance and mental and emotional functioning, whereas men exercised for the sake of their social desirability and vulnerability to disease and aging. Based on our results, we suggest that men tend to show higher social face sensitivity, while women show more appearance management behavior. Based on these findings, we discussed the implications and future research directions.