This study examined the predictive strength of selected physical education (PE)-centered physical literacy indicators on elementary school students' accelerometer-measured moderate to vigorous intensity physical activity (PA). The study was a cross-sectional study with a sample of 450 Finnish children (M = 11.26 [0.32]; n[subscript females] = 194; n[subscript males] = 256). Data on a set of predictor variables (motor competence, in-class PE moderate- to vigorous-intensity PA [MVPA], health-related fitness, and PE motivation and enjoyment) and total MVPA as a single outcome variable were collected. The entire model explained almost 30% of MVPA (R[superscript 2][subscript adj] = 0.298). Cardiorespiratory endurance ([beta] = 0.42, 95% confidence interval [0.22, 0.62], p < 0.001) and MVPA in PE ([beta] = 0.27, 95% confidence interval [0.09, 0.44], p = 0.004) were statistically significant predictors of MVPA. It can be concluded that, of all included variables, cardiorespiratory endurance and MVPA in PE were the most important factors contributing to healthy levels of total MVPA in childhood.