Physical exercise plays a vital role in improving and maintaining physical fitness. Regular and adequate physical exercises have significant benefits for enhancing health and improved academic performance. The purpose of this study was to investigate the prevalence of participation in regular leisure-time physical exercise and to investigate the factors that determine the same among a group of physiotherapy students in Sri Lanka. A descriptive cross-sectional study was conducted involving 105 physiotherapy undergraduates of Department of Physiotherapy of Faculty of Allied Health Sciences of University of Peradeniya, Sri Lanka. Gender, academic year, place of residence and experience of participation in physical exercise during school time were taken as the variables. Self-administered structured questionnaire was used to obtain the descriptive data regarding participation in physical exercise, leisure time activities and reasons for not participating physical exercise. From 105 subjects, 28 students (26.67%) reported participating in regular physical exercises. 44.83% male students reported participating in regular physical exercise, while only 19.74% of female students reported participating in regular physical exercise. A significant association was found between gender and physical activity participation (p <0.05) with a significantly higher participation in physical exercise among male students. Academic year, residence and participation in physical exercise in school had no significant association with participation in physical exercise. Heavy academic burden was the most frequently mentioned reason for not participating in regular physical exercises.