Physical activity and wellbeing in older adults is a global priority in combating negative economic consequences associated with population aging. Quantitative research using a medicalized model clearly associates physical activity with physiological health benefits. However, it is argued that a review of qualitative literature exploring individual experiences of active older adults can provide important insights into physical activity, aging, and wellbeing -specifically, how discourses of ageing and self-identity may interact with physical activity levels. A literature search on electronic databases PsycARTICLES, PsycINFO, SPORTDiscus, and ProQuest was used to identify qualitative studies of older adults who exercise or engage in competitive sport. Findings reveal that both groups tend to resist dominant negative stereotypes of ageing and view physical activity as central to self-identity. Yet approaches to ageing varied with the competitive sport group adopting a more negative view of the ageing process. Whilst results suggest that different levels of physical activity may impact on the psychosocial wellbeing of older adults, inconsistent definitions of exercise and competitive sport make it impossible to group these differences according to specific physical activity levels. More precise definitions of physical activity constructs in future research may provide a better understanding of these differences.