This article explores how the concept of psychological well-being (PWB) relates to the religious and spiritual engagement of college students, as well as how levels of PWB vary between racial/ethnic groups over time during college. The study uses descriptive and multivariate analyses to examine PWB for White, Black, Latino/a, and Asian American students. Data were derived from the 2004 and 2007 College Students' Beliefs and Values Survey, a longitudinal national survey examining the spiritual and religious development of college students. (Contains 1 footnote and 3 tables.)