Objectives This study aims to investigate university students’ metacognition, learning flow, resilience, psychological well-being, correlations among them, and the effects of metacognition, learning flow, and resilience on their psychological well-being.
 Methods The participants were 256 university students who were enrolled in general courses at a four-year university. Their levels of metacognition, learning flow, resilience, and psychological well-being were tested, and the data were analyzed quantitatively using descriptive statistics, Pearson correlation analysis, and stepwise multiple regression analysis in SPSS 25.0.
 Results First, through descriptive statistical analysis it was found that the participating students’ resilience was the highest and the psychological well-being was the lowest. Secondly, Pearson correlation analysis revealed that the four areas in question were positively correlated with statistical significance, and in particular the students’ metacognition and learning flow, and their resilience and psychological well-being showed the highest correlations. Third, stepwise multiple regression analysis determined that among metacognition, learning flow, and resilience, the effect of resilience was the highest on the students’ psychological well-being. The levels of positiveness and sociability among its sub-components emerged as the most significant predictive factors that can explain their psychological well-being.
 Conclusions The results of the study draw our attention to the importance of university students’ resilience as a key factor in increasing their psychological well-being, which is crucial for university students coping with a lot of changes and societal expectations. Attention and support from universities and society are warranted.