Background Physical activity is important for well-being in college students; however, recent studies indicate that higher levels of physical activity may be associated with higher levels of alcohol use in this population. Objectives This study sought to broaden previous research findings on the association of alcohol consumption and physical activity in college students by 1) addressing methodological limitations in that research and 2) examining potential third-variable explanations. Method Data were collected from N = 296 male and female, first through fourth-year college students. Physical activity was assessed with the International Physical Activity Questionnaire (IPAQ; Sjöström et al., 2005) and participants were categorized as having either a low, moderate, or high activity level using IPAQ scoring criteria. Alcohol consumption was assessed with four different measures. The following potential third variables were assessed: gender, ethnicity, age, college grade point average, Greek membership, and sports participation. Results Cumulative logistic regression analyses demonstrated that the odds of being in a higher physical activity category increased with higher levels of alcohol consumption. When potential third variables were considered, the alcohol-activity association was unaffected, suggesting that the alcohol-activity association in these data was not due to any of the potential third variables. Discussion These results provide strong support for the existence of an incongruous positive association between alcohol consumption and physical activity in college students, an association that has obvious implications for the well-being of emerging young adults who are in college. Possible causal mechanisms are discussed, as are implications for prevention.