Walking to/from school (WTS) is an important form of habitual and healthful physical activity (PA). This cross-sectional study examined the multilevel correlates of WTS among elementary school children in Austin, Texas, and whether WTS and neighborhood environmental factors were associated with increased independent mobility and PA. A parent survey was conducted, and geographic information systems were used to calculate the shortest home-to-school distance. Binary logistic regressions were used to predict the outcomes. Distance, physical barriers (e.g., highway/freeway/busy roads), neighborhood environmental quality, and traffic concerns were significant predictors for WTS. Having a school within the neighborhood and unsupervised play increased the likelihood of independent travel to non-school destinations. Sidewalk availability and condition, having a friend's/relative's house in the neighborhood that the child visits frequently, and independent travel to non-school destinations predicted an increased likelihood of unsupervised outdoor play. Stranger danger reduced the likelihood of both independent travel and unsupervised play. Easy access to services and unsupervised play increased the likelihood of meeting PA guidelines. This study identified modifiable environmental predictors of WTS, independent mobility, and meeting PA guidelines. Future PA promotion should consider strategies that can encourage not only WTS but also independent travel to non-school destinations and unsupervised outdoor play.