The aim of the study was to investigate whether different elements of the work environment (manifested by job demands, job control, and social support) and personal resources were linked to employees’ well-being at work. Based on data gathered from 574 employees in the hospitality industry in Serbia, it was also tested if personal resources, expressed through self-efficacy, hope, optimism, and resilience, could moderate the relationship between work environment and employees’ well-being at work. Correlation analyses showed that high job demands had negative effects on employees’ well-being, causing negative emotional reactions to their job, while job control and social support developed positive relationships with positive employees’ well-being. The moderating effect analysis found that personal resources can fully moderate the relationship between job demands and well-being at work, and job control and well-being at work. On the other side, personal resources were not a significant moderator in the relationship between social support and well-being at work, indicating that even when employees have adequate personal resources, they are not enough to decrease the negative effects of lack of social support on employees’ well-being at work. This shows how important the support of supervisors and colleagues is for employees in hospitality.