The first purpose of this study was to develop a Japanese version of the Physical Self-Efficacy Scale (PSE) which was developed by Ryckman et al. (1982). In Study 1,751 subjects were asked to answer questionnaires. As result of factor analysis. two factors — “Perceived Physical Ability (PPA)” and “Perceived Self-Presentation (PSP)” — were identified. The reliability of this scale was established using the Cronbach α test, and test-retest correlation. In Study II, the validity of the scale was established by observing a correlation between the Japanese version of PSE and physical fitness (hand grip, knee extension/flexion strength). The result of these analyses showed that physical fitness were correlated significantly with the PPA factor, thus establishing construct validity. Next, in Study III, the relationship between physical self-efficacy and habitual exercise behavior for older adults was investigated. Analysis of the correlation revealed that habitual exercise behavior had a low but significant correlation with PPA, but not with PSP. These results suggest thal self-perception about objective physical ability was an important factor in the exercise behavior of older adults.