The COVID-19 confinement disrupted daily routines and physical activity patterns among Spanish university students. This study investigated musculoskeletal pain, physical activity behaviors, and perceived stress levels in student populations from two universities in Spain during the lockdown. A cross-sectional survey was conducted with 1,198 participants (70.6% women). Data collection involved the Kuorinka Modified Nordic Questionnaire, the Perceived Stress Scale, and a questionnaire on exercise habits. Findings showed a significant decline in musculoskeletal pain (p < 0.001) in both male and female students, along with a 12.5% increase in the proportion engaging in physical activity on a regular basis. Strength training emerged as the most preferred activity (15.1%), particularly among women. These results suggest that health authorities should consider strategies to promote not only greater participation in exercise but also balanced and varied activity types to support student well-being and quality of life.