This study examined one of the fundamental questions in humanistic and transpersonal psychology: what kind of relationship exists between transcendent experience and personal psychological well-being? College undergraduates (N=92) at three colleges were asked to recall their "most wonderful" experience, and then to complete an adaptation of Hood's M Scale to assess the presence of mystical or transcendent aspects of this experience. Participants also completed an adaptation of Heath's Perceived Self Questionnaire to assess personal maturity. Correlational analysis revealed that, generally, the higher the degree of mystical qualities in the participant's experiences, the lower the degree of maturity; however, the opposite pattern was noted for experiences which involved noetic qualities, where the individual felt that she or he had gained valid knowledge through some kind of insight. Noetically weighted experiences are associated with a higher degree of maturity in this college-age group. These data suggest the need for a developmental approach to the study of transcendent experience. (LLL)