This study investigated the relationship between college students' perceived psychological well-being and the quality of their lives on 5 variables associated with a 5-factor holistic wellness model. The Wellness Evaluation of Lifestyle (Witmer, Sweeney, & Myers, 1993) and Memorial University of Newfoundland Scale of Happiness (Kozma & Stones, 1994) were completed by 155 undergraduate college students. Multivariate regression analysis revealed a significant relationship between 5 dimensions of wellness and both short-term state and long-term trait constructs of psychological well-being. Subsequent univariate analysis found that students' ability to self-regulate, identity with work, and friendships contributed the most to their psychological wellbeing. Implications for college counseling centers and student development professionals are presented.