Research has paid attention to how deaf identity affects life outcomes such as psychological wellbeing. However, studies are often carried out with small samples and without including other variables. This study examined how different forms of identity -deaf, hearing, bicultural (deaf and hearing), and marginal (neither deaf nor hearing) -were associated with levels of psychological well-being, including a number of other variables. The sample was 742 adults with hearing loss in Denmark. The study found that identifying as deaf, hearing, and bicultural was associated with better psychological well-being compared to those with a marginal identity. Further, it found that additional disability, educational level, and feeling discriminated against because of hearing loss significantly explained the degree of psychological well-being. Results are discussed here with respect to social identity theory and current deaf identity themes.