Although students' perceived learning is central in physical education (PE), few measurements are available. Furthermore, little is known about how students' perceptions of PE effect students' perceived learning in PE. Therefore, the aim was to develop a scale to assess students' perceived learning and a measurement to assess students' perceived contentment in PE, and furthermore, to analyze the interrelationship between students' perceived learning and students' perceived contentment in PE. A total of 1203 students in Sweden who were aged 12–16 years participated. The results from the exploratory (n = 601) and confirmatory (n = 602) factor analyses as well as the validity and reliability analyses showed that there was psychometric support for the one-dimensional model perceived learning in PE and for the three-dimensional model perceived contentment in PE. The structural equation modeling analyses showed that both competence and joyfulness were directly and positively related to students' perceived learning.