Background: University students in emerging adulthood face academic and social demands that may affect their psychological well-being and well-being. High social media use intensity and low self-esteem may be associated with poorer mental health outcomes. Purpose: To examine the simultaneous and individual contributions of social media use intensity and self-esteem to psychological well-being among active undergraduate students. Method: This quantitative study employed a cross-sectional correlational design. A total of 379 undergraduate students were recruited through convenience sampling. Data were collected online using the Psychological well-being–Short Form, Coopersmith Self-Esteem Inventory, and Social Media Use Intensity Scale and analysed using multiple linear regression in SPSS version 25. Results: The regression model was statistically significant and explained 28.3% of the variance in psychological well-being, R² = .283, F (2, 376), p < .001. Self-esteem was a significant positive predictor of psychological well-being, whereas social media use intensity was a significant negative predictor. Conclusion: Self-esteem and social media use intensity were jointly associated with psychological well-being. Higher self-esteem predicted better mental health, whereas greater social media use intensity predicted poorer mental health. Universities may consider providing psychological counselling services to support students in managing digital stressors and promoting psychological well-being. Keywords: Psychological well-being; Psychological well-being; Self-Esteem; Social Media Use; University Students.