Purpose: The purpose of this paper is to utilise the collective opinion of a group of Finnish experts to identify the most important learning outcomes of secondary-level school-based health education, in the specific domains of physical activity and nutrition. Design/ Methodology/ Approach: The study uses a Delphi survey technique to collect the opinions of a group (panel) of Finnish experts. A list of learning outcomes was compiled via an extensive literature review of documents from all levels of health education (physical activity and nutrition) policy development and implementation. A general inductive analysis method was conducted, resulting in education themes which were then compiled into health literacy-constructed learning outcomes to present to the panel in the two Delphi rounds. Findings: The study question is answered in the form of a ranked list of the 24 most important learning outcomes of physical activity and nutrition education in Finnish schools. The analysis of variance pair-wise comparisons with Bonferroni indicated that six items were statistically possibly more important than the 18 others. The three most important items being: first, understand the importance of a varied and balanced diet; second, the ability to analyse their own lifestyle; third, understand the link between physical activity and health. The study also identified topics/themes which could be either under-represented or over-represented in the current literature and teaching. Originality/Value: This study is the only one of its type, and researches an as yet unknown area of health education. The value of this study lies in its role in the further development of school health education, in terms of identifying the "most important" contemporary issues to teach in the classroom, and may also be used as a topic prioritisation and curriculum planning tool.