Purpose: The present correlational research study examined the theoretical and statistical relationship between mentoring, research self-efficacy, work-life balance and the psychological well-being of doctoral program students. The study highlights the positive role of mentoring for uplifting the eudemonic aspects of well-being of doctoral program students of natural sciences. Design/methodology/approach: A purposive sample (N = 72) of natural sciences doctoral program students was selected from the Higher Education Commission recognized universities of Lahore and Sargodha. Participants' experiences regarding mentoring were operationalized utilizing the Mentorship Effectiveness Scale (Berk "et al.," 2005). Similarly, their levels of research self-efficacy, work-life balance and psychological well-being were operationalized via the Self-Efficacy in Research Measure (Phillips and Russell, 1994), Work-life Balance Scale (Brough "et al.," 2014) and Psychological Well-Being Scale (Ryff, 1989), respectively. Findings: Results indicated that mentoring, research self-efficacy, work-life balance and psychological well-being were significantly positively related to one another. The parallel mediation analysis through the process established the path model of mentoring and psychological well-being. The model highlights the importance of mentoring mechanisms in strengthening research self-efficacy and work-life balance and in turn enhancing the psychological well-being of doctoral program students. Originality/value: This paper highlights the significance of mentoring for the psychological well-being of doctoral program students. It can guide policymakers and mentors to acknowledge and address the research-based needs of these students in terms of improved well-being and productivity.