The present article examines the relationship between bilingualism and students' psychological well-being from psychological and pedagogical perspectives. The article analyzes theoretical approaches to bilingualism and psychological well-being and identifies the cognitive, emotional, social, and academic factors that mediate this relationship. The paper argues that bilingualism contributes positively to students' psychological well-being by improving cognitive flexibility, intercultural competence, self-esteem, and social connectedness. At the same time, certain challenges associated with language anxiety, identity conflicts, and adaptation difficulties are also considered. The findings suggest that educational institutions should create supportive bilingual learning environments that foster both language development and psychological well-being. The article emphasizes the necessity of integrating psychological support and language education strategies to promote students' holistic development.