This study aimed to examine the relationships among stress, protective factors and psychological well-being (PWB). A cross-sectional predictive research design was carried out. A convenience sample of 152 students was recruited from a higher education institution in New Zealand. Data were collected by using online self-reported questionnaires and analysed by descriptive statistics and path analyses (with IBM AMOS). Results showed that the hypothesised model fit well with the sample data. Resilience, mindfulness, support from family, and support from significant others were significant predictors of PWB. Furthermore, stress significantly predicted social support, resilience, self-efficacy, and mindfulness. There is the need to develop prevention interventions (e.g., a resilience-building and mindfulness interventions) for students to help them manage stress and achieve PWB.