The social cognitive model of well-being was tested in a sample of 373 college students in Spain. Participants completed measures of academic self-efficacy, environmental support, goal progress, academic satisfaction and stress, trait positive affect, and overall life satisfaction. A path analysis indicated that the model fit the data well and accounted for substantial portions of the variance in academic domain satisfaction, academic stress, and life satisfaction, though a few path coefficients (e.g., from positive affect and environmental support to academic stress) were nonsignificant. We consider the findings in relation to prior tests of the well-being model and discuss implications for practice and future research.