(1) Background: Research into action video games (AVG) has surged with the popularity of esports over the past three decades. Specifically, evidence is mounting regarding the importance of enhanced cognitive abilities for successful esports performance. However, due to the sedentary nature in which AVGs are played, concerns are growing with the increased engagement young adults have with AVGs. While evidence exists supporting the benefits of exercise for cognition generally in older adult, children and clinical populations, little to no work has synthesized the existing knowledge regarding the effect of exercise specifically on the cognitive abilities required for optimal esports performance in young adults. (2) Method: We conducted a dual-systematic review to identify the cognitive abilities integral to esports performance (Phase 1) and the efficacy of exercise to enhance said cognitive abilities (Phase 2). (3) Results: We demonstrate the importance of four specific cognitive abilities for AVG play (attention, task-switching, information processing, and memory abilities) and the effect that different types and durations of physical exercise has on each. (4) Conclusion: Together, these results highlight the role that exercise can have on not only combating the sedentary nature of gaming, but also its potential role in facilitating the cognitive aspects of gaming performance.