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The purpose of the current study was (i) to find out the association between Perceived Social Support (PSS) and Psychological Well-Being (PWB) among young working adults and (ii) to study Gender differences in this relationship. 286 individuals volunteered to participate in the study within age range between 21 to 28 years. The sample consisted of 173 males and 113 females who were currently employed. PSS was measured using Multidimensional Scale of Perceived Social Support and PWB by Ryff’s Scale of Psychological Well-Being. The data was analysed using independent samples ‘t’ test, Pearson Product Moment Correlation analysis and Regression analysis. The results indicated that PSS has a significant positive correlation with PWB indicating that the higher the level of PSS, the higher the level of PWB. Further, significant gender differences were found in PSS, with women reporting receiving more social support than men and women were also high in support from two of the three types of sources: family and friends. In addition, both men and women reported availability of higher social support from family as compared to what they can obtain from friends and significant other. No significant gender differences were found in PWB. Regression analysis indicated that PSS could significantly contribute to the prediction of PWB accounting for about twelve percent variance in it. Besides, PSS explained relatively higher variance in PWB among men as compared to women. Positive relations and self acceptance dimensions of PWB were better influenced by PSS in both men and women.