Based on self-determination theory, this study explored the potential mediating role of basic psychological need satisfaction in the relationship between materialism and well-being among Chinese college students. The results showed that basic psychological need satisfaction partially mediated the relationship between materialism and life satisfaction and fully mediated the relationships among materialism and emotional well-being, subjective vitality, and self-actualization. The findings indicated the importance of considering both subjective and psychological well-being and the interpretative power of basic psychological need satisfaction and Chinese culture in the flow from materialism to well-being.