The health and well-being of university students is a priority agenda, given the need to advance health in the university system and the United Nations Sustainability Development Goal regarding quality and inclusive education. However, current literature lacks adequate insights regarding health and well-being considerations. This study investigated students’ perceptions concerning how university students experience health and well-being. The study is underpinned using the biopsychosocial model of health and was conducted via a cross-sectional student survey with quantitative and open-ended questions at an Australian university in 2021. A hierarchical regression model with 625 respondents indicated health and well-being are significantly influenced by mental (t-value = 15.7, p < 0.001), physical (t-value = 9.48, p < 0.001), university learning (t-value = 5.16, p < 0.001), and economic (t-value = 4.78, p < 0.001) domains regardless of the demographic and study characteristics of students. Students’ perception of their health and well-being varied according to student age, the college of study, and whether they were an international student. Both the quantitative and qualitative findings supported that the mental, physical, university learning, and economic domains of students’ health and well-being are interdependent. There is a case for a proactive, continuous, inclusive, and holistic health and well-being approach to support student success in higher education.