The COVID-19 pandemic has been there for over a year and may substantially negatively impact student’s mental well-being. This study aimed to assess the subjective mental well-being and satisfaction with life of Filipino college students. This cross-sectional study involved the analysis of 1,141 college students in the Philippines. The data were collected using the Short Warwick-Edinburgh Mental Wellbeing Scale and the Satisfaction with Life Scale. Results indicated that while 52.8% reported high satisfaction with life, 40.2% had poor mental well-being. Self-reported health status (β=1.899, p=.000), age (β=0.179, p=.000), and year level (β=0.306, p=.000) predicted mental well-being. On the other hand, subjective mental well-being (β=0.736, p=.000), self-reported health status (β=0.967, p=.000), and age (β=0.691, p=.025) predicted life satisfaction. The COVID-19 pandemic has likely affected students’ mental health and well-being. Interventions should be initiated to address the mental health needs of the students during this pandemic and even beyond the health crisis.