Psychological research has a paucity of studies on caste and well-being. Existing literature on caste has extensively focused on pathological conditions in rural areas. In contrast, individuals who experience vulnerabilities in urban areas at the intersections of caste and gender identities are still underrepresented in the research literature on the psychology of well-being. The present study recognises this gap in research and explores the interaction of caste and gender on life satisfaction and well-being in urban areas. On administering the Satisfaction with Life Scale and Mental Health Continuum-short form to a sample of 465 young adults, the results revealed significant caste differences in both life satisfaction and well-being. The findings highlight that general caste individuals have higher life satisfaction and well-being than scheduled caste individuals. The findings also indicate significant gender differences in life satisfaction, with women having higher life satisfaction than men across caste groups. Results revealed no interaction effect between caste and gender. Consistent with earlier studies, the results on caste suggest that despite its discourses of diminishing importance, especially in urban areas, caste does play a significant role in an individual's well-being and life satisfaction. Hence, the findings have implications for policy-making, education, and training to understand caste-based experiences better.