ABSTRACT Background and Objectives: The literature is limited on correlates of psychological well-being among Indian medical undergraduates. The study aimed to assess the psychological well-being, life satisfaction, self-efficacy, positive state of mind, and emotions among first-year medical undergraduates. Materials and Methods: It was a cross-sectional study assessing 121 first-year medical undergraduate students. Psychological well-being scale, satisfaction with life scale, general self-efficacy scale, positive state of mind scale, and positive and negative affect schedule revised version were used. Results: The majority of medical undergraduate students were satisfied with the life. Their life satisfaction was positively associated with general self-efficacy, positive state of mind, and positive affect score. These indicators were negatively associated with negative affect score. Male students had significantly greater self-efficacy. Conclusion: Medical students’ life satisfaction was found to be positively associated with other wellness indicators. Resilience-based positive psychology interventions should be implemented in medical colleges to enhance psychological well-being.