LAY SUMMARY The psychological health of military spouses is essential for the health and readiness of the family system. Thus, it is essential to understand contextual and familial factors that play a role in the psychological vulnerability of military spouses. This study examined how aspects of military life (number of deployments, perceived social support from the military community, and assessments of military life satisfaction) and family life (namely, couple well-being) played a role in the psychological vulnerability (depressive symptoms and personal well-being) of 222 U.S. military wives. Results suggested that when military wives felt more social support from the military community, they typically reported greater well-being. Wives who were more satisfied with military life tended to indicate better couple well-being. In turn, greater couple well-being was linked to less psychological vulnerability, specifically, fewer depressive symptoms and higher well-being. Overall, the military context had some bearing on the psychological vulnerability of military wives, especially when they did not feel supported by the military community. Importantly, however, the couple relationship appeared to be the most salient factor associated with the psychological vulnerability of military wives. Promoting healthier couple relationships appears to be a potential leverage point for intervention.