The article considers an important and topical issue in the form of the willingness to self-forgive in young students. The concepts of psychological well-being, forgiveness, and self-forgiveness are considered. The peculiarities of the connection between psychological well-being and willingness to self-forgive in the case of young students are determined. Much attention is paid to the factors of psychological well-being. The study involved 228 people – young students, aged between 20 and 23 years, in the form of 109 men and 119 women. Empirical research was based on the following psychodiagnostic techniques: Flourishing Measure, Hardiness Test, Scale of Psychological Well-being, the Trait Forgivingness (dispositional) Scale, Mental Health Outcome Measures, Scale of Deep Readiness for Forgiveness, Depression and Anxiety (BSI – 12). The high level of willingness to self-forgive in young students is connected with high levels of hardiness and psychological well-being. The high level of willingness to self-forgive in young students is connected with low levels of anxiety and depression. It is indicated that the willingness to self-forgive is a predictor of psychological well-being in young students. The more university students are prone to willingness to self-forgive, the more they are satisfied with self-realization in specific living conditions and circumstances, with the achievement of meaningful goals, and with positive relationships with other people. The more young university students are ready for self-forgiveness, the more they are capable of reflection, the realization of their potential, the effective use of personal traits, self-acceptance, meaningful life, and being more satisfied with relationships with other people.