The present study tried to identify 1) if the six factors of psychological well-being suggested in Western cultures were similar in Korean culture, 2) the relationship between PWB and SWB, 3) how the relationship between PWB and SWB was different according to age. A sample of 471 married women completed a questionnaire survey. Results showed that first, as suggested in previous studies, six-factor model was the best-fitting model in explaining PWB. Second, although both Self Acceptance and Environmental Mastery showed the highest correlation with all three factors of SWB as in the previous studies, Positive Relations With Others, the factor that was not important in the studies in Western culture, was also important in explaining SWB. Third, along with the increase of age, participants' PWB as well as SWB decreased. Also, Self Acceptance of PWB was important factor for younger groups' SWB whereas Self Acceptance as well as Purpose in Life and Positive Relations with Others were important factors for older groups' SWB. Finally, results revealed in the present study were compared with previous results and limitations of the study were discussed.