Problems related to negative body image are very common among young women. In this study, we examined the relationship between women's body image and their sexual functioning over and above the effects of physical exercise and body mass index (BMI) in a sample of 214 university women. Low situational body image dysphoria and low body dissatisfaction were associated with high sexual assertiveness and sexual esteem, low sexual anxiety, and fewer sexual problems. Positive body image was significantly associated with better sexual functioning, even after controlling for BMI and exercise. Although related to body image, BMI and exercise did not predict sexual functioning. These results were interpreted as indicating that a woman's subjective body image is significantly related to her sexual functioning beyond the effects of actual body size and level of physical exercise.