This study examined the relationships between psychological capital (PsyCap), coping strategies, and well-being among 609 university students using self-report measures. Results revealed that well-being was significantly lower during COVID-19 compared to before the onset of the pandemic. Multiple linear regression analyses indicated that PsyCap predicted well-being, and structural equation modeling demonstrated the mediating role of coping strategies between PsyCap and well-being. Prior to COVID-19, the PsyCap dimensions of optimism and self-efficacy were significant predictors of well-being. During the pandemic, optimism, hope, and resiliency have been significant predictors of well-being. Adaptive coping strategies were also conducive to well-being. Implications and recommendations for psychoeducation and counseling interventions to promote PsyCap and adaptive coping strategies in university students are presented.