The purpose of the study is to investigate the relationship between stress, protective factors and psychological well-being. A sample of 155 students of Kazakh National Pedagogical University named after Abai was taken. Data were collected online using a self-report questionnaire and analyzed using descriptive statistics and path analysis. The results showed that the predicted model fits the sample data. Resilience, mindfulness and support from family and other close people were identified as significant predictors of psychological well-being. In addition, stress predicted social support, resilience, mindfulness and self-efficacy. Preventive measures (building awareness and resilience) need to be developed to help students cope with stress and achieve psychological well-being.