The article presents a theoretical and analytical review of contemporary studies examining the relationship between gambling addiction and psychological well-being among youth. Gambling addiction is considered as a form of behavioral addiction associated with impairments in self-regulation, emotional regulation, and motivational-meaning structures of personality. The study is based on a theoretical and analytical methodology, incorporating systematic and comparative analysis of clinical-psychological and interdisciplinary research published in international scientific databases. The review integrates key models of psychological well-being, including Ryff’s person-centered model, self-determination theory by Ryan and Deci, and Seligman’s PERMA framework, with modern conceptualizations of gambling addiction. The analysis demonstrates that reduced psychological well-being—manifested through deficits in autonomy, self-regulation, emotional stability, and sense of meaning—constitutes a significant vulnerability factor for the development of gambling addiction. In this context, gambling behavior acquires a compensatory function, temporarily alleviating psychological distress without contributing to sustainable psychological functioning. The findings support the conceptualization of psychological well-being not only as an indicator of quality of life, but also as a clinical-psychological resource for the prevention of gambling addiction. The results may inform the development of preventive and psychocorrective programs targeting youth populations.