Positive self-esteem is considered an important construct associated with desirable outcomes in many domains. Research evidence suggests it is the variable most indicative of healthy life adjustment (Sonstroem, 1997). The purpose of this study was to evaluate the effect of exercise behavior and physical self-perceptions on global self-esteem in adult women and to provide a test of the exercise and self-esteem model (Sonstroem & Morgan, 1989). The exercise and self-esteem model suggests that exercise behaviors are associated with global self-esteem via perceptions of self-efficacy, physical competence and physical acceptance. To date, research has primarily focused on the role of perceptions of physical competence and has supported the pattern of relationships suggested by the model (e.g., Sonstroem, Harlow, & Jacobs, 1994). For women however, the influence of physical acceptance, or satisfaction with the body regardless of imperfections, may be particularly important (Marcus, Dubbert, King, & Pinto, 1995). Participants were 122 community-dwelling adult women (Mean age=45.9 years, SD=12.8) who completed valid and reliable self-report measures of exercise behavior, exercise self-efficacy, perceptions of physical competence, perceptions of physical acceptance, and global self-esteem. Multiple regression analyses suggested that together the model components explained 22% of the variability in global self-esteem (p<.001). Women who reported higher levels of exercise behavior and physical self-perceptions also reported more positive levels of global self-esteem. Perceptions of physical acceptance made the greatest unique contribution to the explanation of global self-esteem (12.6%, p<.001). Following the statistical procedures outlined by Baron & Kenny (1986), a series of regression analyses were conducted to test the proposed mediating effects described in the model. Results indicated that the effect of perceived physical competence on global self-esteem was mediated by physical acceptance (p<.001). However, unlike the model depiction, the effects of exercise behavior on perceived physical competence, and exercise self-efficacy on physical acceptance were direct, rather than being mediated by exercise self-efficacy and perceived physical competence, respectively. These findings provide partial support for the exercise and self-esteem model, and particularly suggest the importance of physical acceptance in understanding the proposed relationship between exercise and self-esteem development in women. Importantly, identifying model components that contribute to the self-esteem of women provides practitioners with useful information regarding logical areas to target for future interventions.