This study examined the association between physical activity (PA) and psychological well-being--self-esteem and relatedness satisfaction--among 102 Hong Kong Chinese older adults. It also tested whether independent-interdependent self-construal moderated the association. Physical activity, self esteem, relatedness satisfaction, and self-construal were measured by the Yale Physical Activity Scale, the Rosenberg's Self-Esteem Scale, the Relatedness Satisfaction subscale of the Basic Need Satisfaction in General Questionnaire, and Gudykunst, Matsunoto, Ting-Toomey, and Nishida's (1996) Self-Construal Scale respectively. Findings revealed a positive association between PA and relatedness satisfaction, but not self-esteem. Interdependent self-construal moderated the relationship between physical exercise and relatedness satisfaction. These findings suggest that PA may be psychologically beneficial to older adults across cultures, but its benefits may depend on cultural emphasis and individual self-construal. (Contains 1 figure and 2 tables.)