The psychological well-being of veterinary medical students in clinical training was the focus of this investigation. Psychological well-being was evaluated in six subscales: personal growth, purpose in life, positive relationships with others, self-acceptance, environmental mastery, and autonomy. Comparisons between pre-clinical and clinical veterinary medical students identified that both groups experienced moderate to high levels of psychological well-being. Clinical students were more likely to endorse stress associated with financial concerns, school/life balance, heavy workload, unclear expectations, and relationship conflict than pre-clinical students. Additionally, clinical students experienced a lower sense of environmental mastery when compared to pre-clinical peers. Increased number of daily meals (more than 2), frequency of significant other and faculty mentor support, and fewer comparisons with peers predicted elevated well-being among clinical students. This accounted for 34% of the variance in psychological well-being of clinical students. These findings were discussed considering potential interventions to support clinical student psychological well-being.