This study examined the psychological well-being of students enrolled in two gifted programs with different service delivery models. Participants were 292 fifth- and sixth-grade students (M[subscript age] = 11.70, SD[subscript age] = 0.65) enrolled in a gifted math pull-out program (n = 103), a self-contained gifted program (n = 90), or a program providing no gifted services, which served as a control group (n = 99). Multiple differences in psychological well-being across programs were revealed in Hierarchical Linear Models, particularly in terms of math self-concept, loneliness, and maladaptive perfectionism. Students in the two gifted programs reported different patterns of psychological well-being when compared with students in the no gifted services control group. These differences suggest distinct social phenomena underlying the two different service delivery models.