Few studies have been conducted on music students' psychological well-being and happiness. The purpose was to assess the psychological well-being, happiness and educational satisfaction among a group of university music students. Students participated voluntarily and filled out a sociodemographic questionnaire, Depression Anxiety Stress Scale (DASS-21), Oxford Happiness Questionnaire (OHQ) and a questionnaire for educational satisfaction. Participation rate was 92.0%. Participants had mild depression, moderate anxiety and mild stress. Educational satisfaction was not related to students' academic achievement. First and second year students and female participants were more satisfied with their education. Significant relationships were found between psychological well-being, happiness and educational satisfaction. Depression, stress and anxiety had a negative impact on happiness. Putting curricula of health promotion and prevention into practice at music departments could be a good starting point to diminish both physical and psychological injuries among students and artists.