Introduction: University students need to cope with a complex new life role and to achieve academic success. This article explores the academic performance and psychological well-being among university students in a western Canadian city. Method: Using a convenience sample, a total of 501 undergraduate students in Regina, Saskatchewan took part in a self-administered questionnaire survey. Results: Multiple ordinary least-squares regression analyses demonstrated that older students and those who were more satisfied with their physical health, reported a higher level of psychological well-being, indicated higher educational aspirations, attended classes on a more regular basis, spent more time on studying, and those whose fathers had a higher level of educational attainment were found to perform better academically. On the other hand, male respondents and those who were more satisfied with their physical appearance, self-image, or relationship with their significant other, scored higher on life satisfaction scale, reported a stronger sense of life purpose were found to report a higher level of psychological well-being. Discussion or Conclusion: The results of this study contribute to the research literature on students' well-being and performance. Through increased understanding of the determinants of both outcome variables, educators, counsellors, academic advisors, and community health professionals will be better equipped to design intervention strategies which improve students' learning outcomes and enhance their quality of life. (Contains 3 tables and 5 notes.)