The purpose of this study is to investigate the correlation between psychological well-being, personal traits and self-compassion levels, and to find out whether personal traits and self-compassion level significantly predict psychological well-being. The study sample is composed of 232 (36.5%) students from Education Faculty of Selcuk University, 195 (30.7%) students from Cumhuriyet University, 209 (32.9%) students from Ahi Evran University. There were totally 636 randomly selected students in the study group, 405 of them (% 67.5) being females and 231 of them (32.5%) being males. The data were collected using Psychological Well-being Scale, Adjective Based Personality Scale, Self-compassion Scale and personal information form. To analyze the data, Pearson conduct moment correlations, and stepwise regression analysis technique were used. It was seen that there was a significant positive correlation between all subscales of psychological well-being and self-compassion. There was a negative correlation between psychological well-being and neuroticism and a positive correlation between psychological well-being and other personality traits, whereas no significant correlation was found between autonomy and agreeableness. Personal traits and self-compassion significantly predict all subscales of psychological well-being. It was found that the most significant predictor of positive relations with others as a subscale of psychological well-being is extroversion; that the most prominent predictor of autonomy, environmental mastery, and purpose in life and self-acceptance subscales is self-compassion, and that the variable which predicts the subscale of personal growth best is openness to experience as personal traits.