Considering the situation and disadvantages of being physically inactive as well as the nature and advantages of doing physical exercise regularly, there is a need to explore how physical exercise habits are cultivated and formed. The study was to examine the formation process of physical exercise habits. According to the Model of Physical Exercise and Habit, It was speculated that satisfaction, demand or chain from satisfaction to demand could mediate the relationship between physical exercise behavior and physical exercise habit. Cross-sectional design with 3202 college or university students from China was employed. Data about physical exercise habits, physical exercise behaviors as well as related questions was measured by the Self-Report Exercise Habits Index and direct questions. Structural Equation Modeling (SEM) was constructed to evaluate the mediating effects of demand and/or satisfaction by Asymptotically Distribution-Free and BOOTSTRAP. The inferential statistics was to estimate path coefficient and mediation effect. Findings suggested physical exercise behaviors could develop into physical exercise habits through a direct path, single mediators of demand or satisfaction, or a chain mediator from demand to satisfaction.