Psychological well-being among students began to received attention and be seen as an important aspect in the life of an individual who are in primary, secondary or higher education institution. The purpose of this study was to examine the relationship between the three subfactors of perfectionism, three sub-factors in basic psychological needs and psychological well-being among university students. Methodology of the research is based on a survey among 468 university students using questionnaires of Scales of Psychological Well-Being (SPWB), Almost Perfect Scale Revised (APS-R) and Basic Psychological Needs Scale (BPNS). The subjects consisted of 468 undergraduate students in University Malaysia Sabah. Data were analysed by using IBM Statistical Package for the Social Sciences (SPSS) version 21. The results showed a significant relationship between perfectionism, basic psychological needs and psychological well-being among university students. Implications and suggestions for future research are also discussed.