Abstract: As a vital vehicle for promoting the all-round development of individuals, sports profoundly embodies Marx and Engels' fundamental concern for human liberation and social progress, demonstrating the critical and transcendent nature of the materialist conception of history. From the perspective of historical materialism, labor practice defines the practical essence of all social life, for this Marx and Engels revealed the essential formation of physical education at the ontological level. Capital exploitation manifests the alienated reality of capitalism, for this Marx and Engels criticized the universal materialization of physical education under capitalism at the axiological level. The all-round development of human beings carries the ultimate goal of human emancipation, for this Marx and Engels constructed the emancipation path of physical education at the level of revolutionary practice. As a theoretical reflection facing the real world and concerning human and social development, Marx and Engels' discourse on physical education provides an important ideological resource for creating a new situation in building a leading sports nation in the current journey of advancing Chinese-style modernization.