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According to Bandura's self‐efficacy theory, there are four sources of self‐efficacy: past experience, vicarious experience, verbal persuasion, and perception of physical states. The aims of the study were twofold: To review previous research on the sources of self‐efficacy and to examine the sources in predicting self‐efficacy for exercise in older adults. A sample of 309 older adults was assessed at two time points for exercise, exercise‐specific self‐efficacy, and four sources of self‐efficacy. Past experiences, vicarious experiences, and subjective health had significant direct effects on self‐efficacy and indirect effects on exercise via self‐efficacy. Persuasive arguments did not predict self‐efficacy. This suggests that future research should target past experience and vicarious experience as sources of self‐efficacy.