Simulation-ready physical 3D assets have emerged as a promising direction owing to their broad applicability in downstream tasks. However, most existing 3D generation methods either neglect physical properties or are limited to a single asset category, e.g., rigid, deformable, or articulated objects. To address these limitations, we introduce PhysX-Omni, a unified framework for simulation-ready physical 3D generation across diverse asset types. Specifically, we develop a novel and efficient geometry representation tailored for Vision-Language Models, which directly encodes high-resolution 3D structures without compression, significantly improving generation performance. In addition, we construct the first general simulation-ready 3D dataset, PhysXVerse, covering diverse indoor and outdoor categories. Furthermore, to comprehensively and flexibly evaluate both generative and understanding capabilities in the wild, we propose PhysX-Bench, which encompasses six key attributes: geometry, absolute scale, material, affordance, kinematics, and function description. Extensive experiments with conventional metrics and PhysX-Bench show that PhysX-Omni performs strongly in both generation and understanding. Moreover, additional studies further validate the potential of PhysX-Omni for applications in simulation-ready scene generation and robotic policy learning. We believe PhysX-Omni can significantly advance a wide range of downstream applications, particularly in embodied AI and physics-based simulation.