(1) Background: Medical education is moving from a cognition-based to a competency-based model in Germany. Traditional learning activities (LAs) are questioned. Some stakeholders criticise traditional LAs for not facilitating deep learning or operational competency transfer required in practical contexts. This qualitative study aims to take a closer look at the role of lectures in competency-based medical education from a student’s point of view. (2) Methods: Three semi-structured group interviews were held with students from the family medicine curriculum in the summer semester of 2021. Questions focused on the three lectures in this family medicine curriculum and on students’ experiences with lectures in general. One additional expert interview was held with one of the lecturers. The video-recorded interviews were transcribed verbatim and analysed using content analysis. (3) Results: Interview participants highlighted entertainment, the provision of a social and physical learning environment, and the completion of knowledge from books and educational websites as important roles of lectures. Lectures on demand were used by interviewees for time- and space-independent repetition. Lecturer-dependent qualitative differences between lectures were identified by interviewees. Important differences were the extent of interaction, as well as the enthusiasm and preparation of the lecturer. (4) Conclusions: Even though literature suggests that lectures may be a less effective learning activity, under certain circumstances, several aspects make them an essential element of modern curriculum development. By raising interest in a subject, providing a space for discussion and social interaction, interactive lectures appear to be a helpful link between knowledge acquisition and practical training of competencies.