The purpose of the present study was to examine a model of well-being for Immigrant Language-Minority (ILM) undergraduate students focusing on stereotype threat, sense of belonging, academic self-efficacy, self-regulation, positive affect, negative affect, academic satisfaction, and life satisfaction. Five hundred and two (N = 502) undergraduate students representing various majors were asked to complete online surveys. Using structural equation modeling analyses, it was found that sense of belonging predicted directly all the variables, whereas, stereotype threat directly predicted self-efficacy and negative affect. Furthermore, as expected the data showed that self-efficacy and self-regulation mediated the relationship between sense of belongings, stereotype threat and life and academic satisfaction. Overall, the proposed model predicted 54% of variance in life satisfaction. Implications for ILM undergraduate students are discussed.