The purpose of the present study was to explore the difference of emotional intelligence on psychological well-being among 1st year medical students of public and private college and to see the correlation of emotional intelligence with psychological well-being. The sample consisted of one hundred and fifty (n=150) students (75 males and 75 females students) taken from two institutes of Multan. The scale of emotional intelligence and Ryff's psychological well-being scale were used to measure the level of emotional intelligence and psychological well-being among males and females students. Results showed the significant correlation of emotional intelligence with psychological well-being. The findings of results showed that the emotional intelligence and psychological well-being has significant difference on dimensions of psychological well-being (autonomy, environmental mastery and personal growth) and has insignificant difference on three dimensions of psychological well-being (positive relations, purpose in life and self- acceptance) among two age groups. The findings of the results further showed that the emotional intelligence and psychological well-being has significant difference on dimensions of psychological well-being (autonomy, environmental mastery and personal growth) and has insignificant difference on three dimensions of psychological well-being (positive relations, purpose in life and self-acceptance) among private and public college. When comparison made with the gender, findings of results showed that there is insignificant difference between emotional intelligence and dimensions of psychological well-being (autonomy, environmental mastery and personal growth) and has significant difference on these three dimensions of psychological well-being (positive relations, purpose in life and self-acceptance) among male and female students of private and public college.