The relevance of studying the specifics of the psychological well-being among psychology students is due to the need to prevent their professional burnout and improve the image of the psychology profession. The purpose of the study was to identify differences in the general level and specific indicators of psychological well-being and happiness of final-year students of the psychology department of the capital and regional universities. Ryff's theory of psychological well-being, the provisions of cognitive, positive and personality-oriented approaches were used; in addition to Ryff's multidimensional model of psychological well-being, the M.W. Fordyce scale of happiness and the S. Lyubomirsky & N. Lepper scale of subjective happiness were used. The sample consisted of 200 full-time graduate students from the Faculty of Psychology at two regional universities and a Moscow university. It was shown that the groups differ significantly in eight parameters of psychological well-being and happiness: life goals; self-acceptance; competence; general level of psychological well-being; degree of happiness; time “on the rise”; time of feeling unhappy; level of subjective happiness. The paper concludes that psychology students from a capital university are significantly happier than their peers from regional universities. Methods of autopsychocorrection of negative cognitions are proposed to improve psychological well-being of students. The practical significance lies in the possibilities of using the obtained results to improve course programs as part of the curriculum of the main professional educational program (Psychology), training courses and educational work with students.