This study assessed the relationship between physical activity and beverage consumption among adolescents with a population based cross-sectional survey was carried out in the Balearic Islands, Spain (n = 1988; 12–17 years old). Body composition, educational and income level, physical activity (PA), and beverage consumption and energy intake were assessed. Sixty-two percent of adolescents engaged in >300 min/week of PA. Boys were more active than girls, younger adolescents were more active than older counterparts, low parental income was associated with physical inactivity, and time spent watching TV (including, TV, Internet or handheld cellular devices) was inversely associated with PA practice. The average beverage intake of the studied adolescents was 0.9 L/day, higher in boys than in girls. Beverage intake was positively associated with PA practice, and the highest amount of energy intake from beverages was observed in active boys and girls. Most of the studied adolescent population met the PA recommendations. Gender, age, parental income, and time spent watching TV were significant determinants of PA. Type and amount of beverages drunk varied according to gender and PA, and general daily total beverage intake was lower than recommended adequate fluid intake. PA behavior should be considered when analyzing beverage consumption in adolescents.