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The current study tried to understand the unique effects of psychological stress, psychological capital, and emotion regulation on well-being for undergraduate students. Also, it further examined the moderating effect of psychological capital and emotion regulation on well-being for students with different stress level. Data were collected from 127 undergraduate students. Results from the study indicated that psychological capitals and emotion regulation ability had positive impacts on well-being, whereas psychological stress had negative effects on well-being. Moreover, the study found that there was a moderating effect of psychological capital between stress and wellbeing, but there was no moderating effect of emotion regulation between stress and well-being.