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This study aimed to investigate PhD student psychological well-being and the relationships with its influential research environmental factors and outcomes using 644 doctoral students from eight universities of Hong Kong. Confirmatory factor analysis and structural equation modelling were utilized to deal with the data. Results indicated that research resources, research culture, and skills development significantly affected students’ performance and attrition mediating by psychological adjustment. Moreover, the psychological maladjustment significantly mediated the relationships between supervision and performance, and the relationships between the two factors (e.g., supervision and resources) and attrition. This study provided implications for cultivating appropriate research environment for PhD students, and offering the possible means to establish an optimal university environment aiming for enhancing PhD students’ well-being and performance.