Purpose: Improving students' learning is dependent on students' participation, meaningfulness, and value of the teaching--learning process. This study explores students' learning experiences when undertaking the role of co-constructors and co- and self-regulators in a cooperative learning environment. Methods: The study included 110 school students aged between 15 and 18 years from four physical education preservice teachers' classes. Data were collected through student focus group interviews, a postteaching units' survey, students' class reflections, and the researcher's field notes. Results/Discussion: Data report that : (a) having access to learning goals and assessment criteria was essential for the co-construction and co- and self-regulation processes, (b) there is a positive reciprocal relationship between students' involvement in co-construction and co- and self-regulations, and (c) co-construction and co- and self-regulations were strengthened by students' involvement in cooperative learning and vice versa.