Despite the burgeoning number of studies that examine the benefits of gratitude for functional outcomes, research on the role of gratitude in higher education is limited. In this article, the author presents the results of a study testing the relationship between gratitude and well-being among 320 university students. Three potential mediators of this relationship were examined: satisfaction with studies, learning self-efficacy and university connectedness. The results showed that students felt more grateful to fellow students than to academics. Moreover, a parallel multiple mediation analysis revealed indirect effects of satisfaction with studies and university connectedness on the relationship between gratitude toward fellow students and well-being. The relationship between gratitude toward academics and well-being was mediated by satisfaction with studies, learning self-efficacy and university connectedness. The results suggest the need to promote gratitude in university students in order to enhance their well-being.