The aim of the present study was to examine whether intrinsic and extrinsic motivations, and life satisfaction levels of pre-service teachers are significant predictors of their psychological well-being. The sample of the study was consisted of 230 pre-service teachers. Data were collected via Motivation to Teach Scale, Psychological Well-Being Scale and Life Satisfaction Scale. Descriptive statistics, Pearsons’s correlations, and multiple regression analysis were performed. The results indicated that the intrinsic and extrinsic motivations, and life satisfaction levels were moderate, and psychological well-being levels were high. Psychological well-beings of the subjects were correlated highly with life satisfaction, moderately with intrinsic motivation, and weakly with extrinsic motivation. Moreover, intrinsic motivation and life satisfaction were found to have a predictive effect on the psychological well-being of the pre-service teachers, but extrinsic motivation was not a predictor. The results revealed psychological well-being, motivation and life satisfaction are important variables supporting the success in teaching profession.