The Current study examined correlation among emotional lability, perceived social support and psychological well-being of university students. Methods: Cross sectional study with quantitative method was used in the current study. Sample comprised of 300 university students from various backgrounds was recruited through random probability sampling technique. For assessment self-developed demographic sheet with standardized scales Affective Lability Scale, Multi-Dimensional Scale of Perceived Social Support, and Ryff’s Psychological Well-Being Scale 42-Items Version were administered. For analysis both descriptive and inferential statistics were used. Results: Results revealed that perceived social support had a positive relationship with psychological well-being(r=0.49**), which means that with increase in social support, psychological well-being begun to improve. Moreover, PSS had negative relationship with emotional lability (r= -0.52**), indicating that emotional instability decreases with the increase of PSS. Furthermore, results of regression analysis explored that PSS is significant predictor of EL and PWB among university students. Mean score test results indicates that EL and PWB are affected by PSS. Hence, a significant relationship exists between perceived social support and PWB and EL. Conclusions: To conclude it is stated that perceived social support presented role as a moderator in predicting the relationship between emotional lability and psychological well-being.