Purpose: Anchoring on the Conservation of Resource Theory (Hobfoll, 1989), the study aims to examine the relationship between student bullying, helplessness and student well-being. Further, the study also examines the mediating role of helplessness and the conditional role of students' psychological capital in the model. Design/methodology/approach: Drawing responses from 397 students in the business management program in various B Schools in India, the hypothesized relationships were tested using IBM SPSS version 23 and AMOS 23, and moderation was checked with Hayes Process Macros. Findings: The results revealed that bullying among students poses a severe threat to their well-being. Further, the study found that bullying increases feelings of helplessness, and such feelings impair well-being. The study also found a significant moderating effect of psychological capital in the relationship between feelings of helplessness and student well-being. Research limitations/implications: The study findings provide students and educational administrators valuable insights into how student bullying deteriorates their well-being and how it can be tackled effectively using their psychological capital. Originality/value: The study made a unique attempt to understand the effect of student bullying on their well-being. The study also provides valuable understanding about the roles of helplessness and psychological capital in the model, which will enrich the theory and practice alike.