Given the potentially long-standing emotional impact of breast cancer, theoretical models are needed to identify critical resources and coping strategies that optimize survivors’ long-term adjustment. This study tested a model of well-being recovery with breast cancer survivors at 4 years post-treatment. Structural equation modeling was used to examine relationships between affect, loneliness, self-compassion, self-efficacy for coping with cancer, well-being, and life satisfaction. Two model variations offered good fit to the data, accounting for large portions of the variance in well-being and life satisfaction. Coping efficacy mediated paths from affect and loneliness to emotional well-being and life satisfaction.