Abstract: The newly revised Physical Education and Health Curriculum Standard for Compulsory Education (2022 Edition) (Hereafter The New Curriculum Standard) by the Ministry of Education reflects the physical education and health curriculum system based on key competencies. The key competencies to be cultivated mainly refer to the correct values, essential characters and key abilities gradually formed by students through the curriculum, including athletic ability, healthy behavior and sport morality. The significance of cultivating key competencies lies in implementing the fundamental task of "fostering virtue through education", adhering to the education concept of "health first", cultivating students' lifelong athletic ability and healthy life style, and solving the practical problems existing in school physical education. The curriculum construction based on The New Curriculum Standard mainly includes curriculum objective, content, academic quality, teaching implementation and other elements, which are closely centered on key competencies. That is, the curriculum objective setting is based on key competencies, the content targeting at key competencies, teaching situation and methods conducive to key competencies, academic quality and evaluation involving key competencies. It is of great significance and long-term influence to promote the formation of students' key competencies and realize their physical and mental health, strong physique and all-round development.