Most universities are facing a crisis of student wellbeing and high failure rates. Using the Conservation of Resources theory, we hypothesised that both study resources and personal resources (academic self-efficacy) could enhance task performance and improve wellbeing among university students. We conducted a cross-sectional study on 431 university students. We used standardised questionnaires to assess students' levels of academic self-efficacy (ASE), the availability and use of study resources, their task performance, and their subjective wellbeing. The results supported all the direct effects to the outcome variables. ASE mediated the relationship between study resources and subjective well-being but did not mediate the relationship between study resources and task performance. In addition, subjective wellbeing mediated the relationship between ASE and task performance. Addressing the interplay between study resources, ASE and positive outcomes (i.e. task performance and wellbeing) can foster optimal learning environments that support the success of students. This can promote students' holistic development and contribute to a well-rounded and flourishing student.