In response to COVID-19 pandemic-related social restrictions, university students have reported being more depressed, lonelier, and less resilient, potentially affected by changes within the academic system. The present study investigates how students’ social and physical well-being affect their psychological well-being and additionally explores the role of the learning environment. To this end, we analyzed secondary data collected during the first wave of the COVID-19 pandemic with multiple regression and explorative analysis. Results indicate that social resources–in particular, the quality rather than the quantity–positively influenced students’ psychological well-being. Engaging in physical exercise appeared beneficial, whereas consuming drugs remained a contradictory predictor. Emergency remote teaching appeared a main factor that predicted students’ well-being. This powerful effect masked the positive influence the teachers could have had. Given the profound changes in the academic system due to persistent social distancing requirements, these insights could provide valuable input when designing a healthy post-pandemic learning environment.