Stakeholders' perceptions may shape the direction of physical education practice and policy. However, there is a lack of comprehensive investigation into the perceptions of K-12 physical education from diverse groups of stakeholders within a single study. Therefore, the purpose of this study was to explore the perceptions of students, classroom teachers, administrators, and parents on the purpose and impact of physical education. Using the social ecological model as a theoretical framework, this study included 28 participants from three schools in the Mountain West United States, consisting of students (n = 8), classroom teachers (n = 9), parents (n = 8), and administrators (n = 3). Paired/group interviews were conducted with students, classroom teachers, and parents, while individual interviews were held with administrators. Each group of stakeholders' responses to interview questions were analyzed inductively using thematic analysis. The results of this study are presented based on the perceptions of the four groups of stakeholders, focusing on two aspects: the purpose of physical education (the "what") and its perceived impact on children and youth (the "why"). The results indicated that stakeholders' understanding of the purpose of physical education is closely tied to the concept of health, while their perceptions of its impact vary. This study highlights the dynamic relationships between physical education and various layers of the social ecological model, including students, classroom teachers, school administrators, and parents. By exploring these interactions, the study provides insights into enhancing the implementation and advocacy of physical education.