In this study, we tested a modified academic satisfaction model based on social cognitive career theory in a sample of 757 college students in China. The hypothesized model included personality traits (extraversion and emotional stability), self-construals (independence and interdependence), environmental and person-cognitive variables (supports, self-efficacy, outcome expectations, and perceived goal progress) in the academic domain, and academic and global well-being outcomes. Pathways that consisted of academic supports, self-efficacy, and goal progress partially mediated the effects of personality traits and self-construals on academic satisfaction and/or stress, which were, in turn, predictive of life satisfaction. Although Chinese students perceived outcomes of completing a college degree as favorable, such outcome expectations did not predict progress made in the academic domain. Multigroup analyses showed that the modified academic satisfaction model was applicable to both male and female college students in two major metropolitan areas—Chongqing in Southwest China and Shanghai in East China. With evidence for measurement equivalence, full structural equivalence was present by gender, whereas two of the hypothesized paths differed by location. Results of the study suggest that outreach or intervention programs, which involve gathering supports, boosting self-efficacy, and facilitating goal progress in the academic domain, are particularly beneficial for promoting the well-being of Chinese college students.