The aim of this study was to investigate the direct and indirect effects of social support on psychological well-being. Social support was evaluated under two different categories which were named as Aid-Related and Appreciation-Related Social Support. The first category was more related to potential for receiving help from others when needed, and being cared for by others, while the latter category was more related to being recognized by others as an efficient source of help and reassurance of worth. Undergraduate university students (N = 342) served as subjects, and results revealed that aid-related social support and psychological well-being (i.e., alleviated depression symptoms) association was partially mediated by experiencing fewer life stresses. On the other hand, appreciation-related social support had a direct effect on psychological well-being. Implications of these results are discussed.