The purpose of investigating the carbohydrate exchange method in combination with aerobic exercise for obese college students is to help college students have better bodies to cope with their academic life. This paper introduces the qualitative and quantitative analysis technique based on near-infrared spectroscopy, starting from the analysis of the carbohydrate exchange method, and explains the physical, mathematical, and chemical information bases, respectively. A NIR detection model is constructed using the NIR spectroscopy detection method, and the main evaluation indexes of the model are given. Three experimental groups, namely, carbohydrate exchange method, aerobic exercise, and carbohydrate exchange method combined with aerobic exercise were set up to investigate the physical health interventions for obese college students. In the single test, the FPG, BUN, TC, and HbA1c values of the subjects in the carbohydrate exchange experiment group were reduced by 18.61%, 17.33%, 11.09%, and 18.16%, respectively. The FPG, BUN, TC, and HbA1c values were reduced by 23.42%, 18.84%, 11.62%, and 13.48%, respectively, in subjects in the aerobic exercise experimental group. From the carbohydrate exchange method combined with the aerobic exercise experimental group, the subjects’ FPG, BUN, TC, and HbA1c values were reduced by 28.38%, 22.24%, 11.27%, and 27.4%, respectively, which was a better level of intervention than the single experimental group. Thus, the carbohydrate exchange method combined with aerobic exercise can be an effective intervention for the physical health of obese college students.