From the positive psychology perspective, this paper explores whether physical exercises have intervention effect on arousing and cultivating students’ mental toughness. Through questionnaire, the author selects 180 P.E. majors and 180 non-P.E. majors in Yangcheng Normal University to carry out a contrasting and comparing study. The results show that on the three dimensions of emotional control, positive cognitive and interpersonal assistance, P.E. majors score is higher than non-P.E. majors with distinct difference; on the target-focusing and family support control dimensions, no significant difference exists; subjective well-being of P.E. majors is higher than non-P.E. majors; and that Mental toughness, subjective well-being and each factor are in positive correlation.