The purpose of this study was to examine the application of Lent and Brown's social-cognitive model in predicting academic well-being of Iranian students. A total of 400 undergraduate students (252 female students and 148 male students) completed the measures of academic satisfaction, self-efficacy, environmental support, goal progress, and personality traits. Path analysis indicated that the modified social-cognitive model provided good fit to the data and accounted for substantial portion of the variance in academic satisfaction. The results of path analysis showed that self-efficacy, goal progress, environmental supports, and resources both directly and indirectly had relationship with academic well-being. It was revealed that only one of the personality traits (conscientiousness) had a direct and significant correlation with students' academic well-being. However, neuroticism, conscientiousness, and extroversion had indirect and significant correlations with academic well-being through self-efficacy, environmental supports, and resources. According to the obtained findings, this research supported the role of social-cognitive variables in the academic well-being of Iranian students.