Background: Academic burnout (AB) among college students is a negative psychological state that can lead to serious psychological and behavioral issues. Thus, a deep understanding of its contributing factors and mechanisms is crucial for promoting healthy development and a positive learning attitude. Method: This study explores the mitigating effects of physical exercise (PE) on academic burnout among college students, examining the mediating roles of psychological distress (PD) and mobile phone addiction (MPA). The study employed a cross-sectional design with 986 university students (M age = 20.2, SD = 1.5) from diverse academic disciplines across China, including 489 (49.6%) males and 497 (50.4%) females. Results: Findings suggest that regular physical exercise significantly reduces academic burnout, with psychological distress and mobile phone addiction serving as key mediators. Physical exercise was negatively correlated with academic burnout and psychological distress, while psychological distress positively influenced both mobile phone addiction and academic burnout. Additionally, mobile phone addiction positively correlated with increased academic burnout. The structural equation model indicated that the pathways from physical exercise to academic burnout through psychological distress and mobile phone addiction are significant, revealing a chained mediation effect. Conclusion: These results underscore the importance of physical exercises in mitigating academic burnout through psychological and behavioral mechanisms.