The aim of this research was to investigate the role of social participation, sense of community, social support and some personal variables (self-esteem, self-efficacy) in enhancing subjective and social well-being in a sample of university students. Of particular interest was the specific contribution of personal and social variables in affecting the two dimensions of well-being. A questionnaire was submitted to a sample of 200 students, male and female, of different ages. Results confirmed that social well-being is positively affected by social participation and sense of community, whereas subjective well-being is influenced by self-esteem and perceived social support from more intimate relationships. Levels of well-being and perceived friend support are higher among students who come from other regions and live in the town during the period of classes.