Exergaming is a form of digital gaming requiring physical effort from the player. There has been a growing interest towards exergaming in academia. However, only a very limited number of exergaming studies have given a voice to older adults and investigated their experiences. This study investigates what kinds of exergaming experiences are perceived as the most meaningful ones among older adults (referred in this study as people over 50 years of age). That is, the experiences which they perceive or remember as “unusually positive or negative”. To meet this purpose, this study takes a qualitative approach and uses the critical incident technique, a well-established technique to collect and classify observations of human behavior. The findings suggest that for older adults, the most meaningful positive experiences of exergaming are more due to hedonic and social aspects than utilitarian aspects, although also utilitarian physical activity benefits are valued. The most meaningful negative experiences are due to issues with technology/game or personal physical limitations. Based on the findings, practical implications are also presented.