The purpose of this study was to examine the relationships among perceived physical literacy (PPL), knowledge of physical activity and fitness (PAF knowledge), and physical fitness. Undergraduates (N = 968, female = 414; Mage = 18.64) from a public university in central China completed a simplified Chinese version of the PPL instrument, an online test for PAF knowledge, and seven health-related physical fitness tests. The PPL includes three dimensions: (a) confidence and physical competence, (b) motivation, and (c) interaction with the environment. The fitness tests measured lung capacity, body mass index (BMI), and performances in 800 (female)/1000 (male) meters run, 50 meters dash (50 M), sit-up (female) / pull-up (male), standing long jump (SLJ), and sit-and-reach. PPL and its dimensions significantly predicted six fitness test performances both in male (β: -0.42 - 0.37; p < 0.01-0.05; R2: 0.01-0.13) and female (β: -0.59 - 0.49; p < 0.01-0.05; R2: 0.03-0.13) students. PAF knowledge (β: -0.17 - 0.18; p < 0.01-0.05; R2: 0.01-0.05) significantly predicted BMI (males) and performances in 50 M (females) and SLJ (females) tests. To support college students' fitness development and maintenance, tailored physical activity and fitness promotion programs are needed to strengthen students' PPL and PAF knowledge.