PurposeAnchoring on the Conservation of Resource Theory (Hobfoll, 1989), the study aims to examine the relationship between student bullying, helplessness and student well-being. Further, the study also examines the mediating role of helplessness and the conditional role of students' psychological capital in the model.Design/methodology/approachDrawing responses from 397 students in the business management program in various B Schools in India, the hypothesized relationships were tested using IBM SPSS version 23 and AMOS 23, and moderation was checked with Hayes Process Macros.FindingsThe results revealed that bullying among students poses a severe threat to their well-being. Further, the study found that bullying increases feelings of helplessness, and such feelings impair well-being. The study also found a significant moderating effect of psychological capital in the relationship between feelings of helplessness and student well-being.Research limitations/implicationsThe study findings provide students and educational administrators valuable insights into how student bullying deteriorates their well-being and how it can be tackled effectively using their psychological capital.Originality/valueThe study made a unique attempt to understand the effect of student bullying on their well-being. The study also provides valuable understanding about the roles of helplessness and psychological capital in the model, which will enrich the theory and practice alike.