Teacher identities are shaped in teacher education programs and have links to professional commitment, effectiveness, and longevity. The purpose of this study was to explore relationships between teacher beliefs, emotional experiences, and teacher identities within physical education (PE) pre-service teachers (PSTs). PE PSTs (N = 268) completed a survey during student teaching. Confirmatory factor analysis and structural equation modeling were used to evaluate the data and hypothesized relationships. Results showed that PST teacher beliefs were related to positive and negative emotions while teaching, and both beliefs and emotions were related to teacher identity. Emotions experienced in student teaching appear to partially meditate relationships. PST identity formation and its influences need more research to establish connections to teacher effectiveness and well-being.