A healthy and comfortable dormitory environment is crucial to the quality of students’ daily lives. In this field study, the indoor environmental quality (IEQ) parameters of undergraduate dormitories in Beijing were measured, while questionnaire surveys were conducted to evaluate the corresponding subjective perceptions of students. Integrated environmental monitoring kits were used to collect temperature, relative humidity, CO2, PM2.5, PM10, TVOC, formaldehyde, and noise data in the investigated dormitories, during the transition season from winter to spring. Questionnaires and scales were distributed to obtain the students’ subjective perceptions of and satisfaction with the IEQ, and their health and well-being status. The measured IEQ data showed that the thermal environment tended to be warm and dry during the heating period. The CO2 concentrations seriously exceeded standard levels due to insufficient indoor natural ventilation. Noise exposure could sometimes interfere with students’ rest. The students’ overall satisfaction with the dormitory environment was low, especially in terms of air quality and acoustic environment. The unsatisfactory IEQ factors have led to several health symptoms, poor sleep quality, and slightly lower well-being. Correlations were found between the IEQ parameters and the corresponding subjective perceptions and satisfaction levels. It was speculated that students’ satisfaction and well-being could be effectively improved by appropriately adjusting the corresponding IEQ parameters.