One of the central goals of school physical education (PE) is to improve physical literacy in youth to nurture their ability, confidence, and desire to be physically active for life. The aim of this study was to examine the stability of the selected PE-centered physical literacy indicators on school students' objectively measured moderate-to-vigorous intensity physical activity (MVPA). This study was a follow-up study tracking a sample of 450 Finnish children (M = 11.26[0.32]; n[subscript females] = 194; n[subscript males] = 256) across upper elementary school from fifth (T1) to sixth (T2) grade. A set of independent variables (motor competence, health-related fitness, in-class PE MVPA, and PE motivation and enjoyment) and total MVPA as a dependent variable were collected, and gender and body mass index were controlled in the analyses. The entire model explained almost 29% of MVPA in T1 and 26% in T2. While cardiorespiratory endurance ([beta] = 0.29) and MVPA in PE ([beta] = 0.20) were statistically significant predictors of MVPA in T1, MVPA in PE ([beta] = 0.23), and identified regulation ([beta] = 0.16) were statistically significant predictors at T2. Across the time, boys had higher levels of MVPA compared to girls (T1: [beta] = -0.12; T2: [beta] = -0.14), whereas the relationship was inverted in motor coordination (T1: [beta] = 0.13; T2: [beta] = 0.12). The findings of this study suggest that MVPA in PE is an important contributor to children's MVPA, and its role is eminent during the last two grades of elementary school.