The author examined the conditions (i.e., social support and dysfunctional coping) under which perceived stress predicted psychological well‐being in 459 college students. Hierarchical regression analyses indicated a significant 2‐way interaction (Perceived Stress × Social Support) and a significant 3‐way interaction (Perceived Stress × Social Support × Dysfunctional Coping) predicting well‐being. Low social support deteriorated the association between stress and well‐being. Only the frequent use of dysfunctional coping exacerbated the association between stress and well‐being across high and low social support. Implications for counseling college students are discussed.