In this paper, we review the impact of physical activity on energy and macronutrient balances. Stability of body weight and body composition depends on reaching a steady-state where the amount and composition of energy ingested are equal to the amount and composition of energy expended. We describe how a person's level of physical activity can have a significant impact on determining the level of body weight and body fatness at which that steady-state is reached. First, physical activity can directly affect both total energy intake and total energy expenditure. Physical activity can also affect fat balance, and it is becoming clear that imbalances in total energy are largely imbalances in fat. High levels of physical activity should help individuals reach fat and energy balances at lower levels of body fatness than would have been achieved at lower levels of physical activity.