Recent research emphasizes the importance of identifying positive psychological factors that promote positive body image. The present study explored factors that promote positive body image in varsity athletes. The research specifically aimed at better understanding the identified relationship between self-compassion and positive body image by investigating personal growth initiative (PGI) as a mediator. Furthermore, this study examined the relative strength of the factors of PGI: using resources, intentional behaviour, planfulness and readiness for change. Varsity athletes (N=88) completed online questionnaires measuring self-compassion, positive body image, and PGI. Results from a simple mediation model indicate that PGI partially mediates the relationship between self-compassion and positive body image. The findings of a multiple mediation analysis examining the relative effects of the factors of PGI suggest that planfulness is the strongest mediator in the relation between self-compassion and positive body image. The present findings offer new knowledge on factors that contribute to a positive body image in varsity athletes. This study also informs future research investigating factors that can shape interventions aimed at promoting a positive body image in athletes.