The narrative study of emotions in Physical Education teacher training allows us to approach the associated personal and social meanings. The first objective of this research was to understand in a Chilean context the emotional meanings of university Physical Education students in their learning of basketball. Secondly, the objective was to interpret these emotional meanings from a gender perspective. A qualitative, interpretative, and phenomenological methodology was used. Four women and seven men from the Physical Education Pedagogy program at a private Chilean university in the Metropolitan Region participated in the study. The data were collected through personal diaries, which were subjected to a deductive-inductive content analysis with the Atlas.ti 22 program. The results show 14 categories referring to four positive emotions and six negative emotions for subjective well-being. There were nine shared and five separate categories between male and female gender. It is concluded that the recognized meanings can be used to favor subjective well-being by means of didactic adaptations in basketball learning.