Background: Lesson Study is a collaborative form of planning and reflecting in which teachers research, plan, implement, and revise lessons with a focus on student learning. Purpose: The purpose of the study was to investigate three Physical Education Teacher Education (PETE) majors' perceptions of Lesson Study as a capstone experience. Findings: Results indicate that the student teachers found this form of collaborative planning with their cooperating teachers motivational and presented opportunity to increase their ability to observe students, promote stronger collegial networks, and develop a stronger sense of self-efficacy. Implications for physical education teacher education emerged and include further study and implementation of Lesson Study in teacher development.