Previous research has found that self‐compassion enhances well‐being outcomes such as happiness and meaning in life. However, little is known about the link between self‐compassion and psychological richness, a recently introduced concept of well‐being. Thus, an exploration of the relationship between self‐compassion and psychological richness is necessary to gain a comprehensive understanding of the association between self‐compassion and well‐being. To address this issue, this study investigated the temporal directionality of their relationship within a cohort of Chinese college students, utilizing a two‐wave longitudinal approach. Using a cross‐lagged model, the results revealed that the self‐compassion could predict psychological richness 3 months later, and conversely, psychological richness could also predict subsequent self‐compassion. This research provides new insights into the bidirectional relationship between self‐compassion and psychological richness, broadening our understanding of the association between self‐compassion and well‐being. Future interventions should focus on the important effect of self‐compassion interventions in the development of psychological richness. In addition, future research could consider interventions on increasing psychological richness to improve the level of self‐compassion among college students.