The Finnish education system has received worldwide attention due to the top academic performance of Finnish school students. Physical education, as an integral part of the Finnish education curriculum, potentially contributes to the overall success. The purpose of this article is to summarize Finnish physical education reform during the past decades and to review and critique recent literature that has examined the effectiveness of Finnish physical education programs. This review concludes that physical education has a solid foundation in Finnish schools and that it enjoys strong support in Finnish society. Although physical education contact time has diminished across four decades, the current basic education reform has begun to allocate more time and funding for elementary and middle school physical education. The literature review, however, revealed limited evidence on the effectiveness of physical education programs. In the future, robust studies are needed to provide evidence of the effectiveness of physical education. It is likely that with rigorous research evidence, the current efforts to allocate more time for physical education should be more easily justified and supported.