The COVID-19 outbreak has impacted all aspects of human life, including the educational settings. Online and hybrid learning carried out during and after the pandemic certainly has a positive and a negative side, especially when it comes to students' mental health. At the same time, psychological well-being problems have become increasingly common among students nowadays. Thus, the main objective of this research was to investigate the relationship between mental health and psychological well-being among university students. The Kessler Psychological Distress Scale (K10) and the Psychological Well-Being Scale (PWBS) were administered to a sample of 240 university students (129 female and 111 male students). The results indicated that there was a significant positive relationship between the level of psychological well-being and psychological distress. The students' psychological well-being had the highest rating in personal growth, self-acceptance, purpose of life and environmental mastery, while autonomy and positive relationship with others had lower levels. Simultaneously, there was a positive relationship between mental health and gender, but there was no correlation between psychological well-being and gender. The study concluded that those mental health problems have powerful predictive qualities with regard to changes in students' psychological well-being which reflects the implication of intervention programs and strategies that help students to better cope with and manage distress. [For the complete Volume 21 proceedings, see ED629259.]