<p>Sexual minority young adults have high rates of mental health problems but their psychological wellbeing is poorly understood. This study observes the psychological wellbeing of college students across a broad range of sociodemographic characteristics to determine differences by sexual orientation. We used data on college students from the Spring 2022 National College Health Assessment (<i>N</i>=51,713). The primary outcome of psychological wellbeing was based on the Diener Flourishing Scale. These scale included well-being domains of: purposeful living (“I lead a purposeful and meaningful life”); social support (“my social relationships are supportive and rewarding”); daily engagement (“I am engaged and interested in my daily activities”); ability to contribute (“I actively contribute to the happiness and well-being of others”); self-rated competency (“I am competent and capable in the activities that are important to me”); self-compassion (“I am a good person and live a good life”); optimistic about the future (“I am optimistic about my future”); and respect from other (“people respect me”). Logistic regression analyses were applied to different sexual orientations. Compared to heterosexual students, lower odds of psychological wellbeing were detected from all sexual minority groups. These associations persisted after adjusting for individual and environmental characteristics, including mental health experiences. Among the eight wellbeing domains, sexual minority groups reported decreased odds of purposeful living, daily engagement, and self-rated competency. Specifically, bisexual, questioning, and asexual college students reported decreased odds in all wellbeing domains relative to heterosexual students. These results persisted after controlling for socioenvironmental characteristics including mental health experiences. Greater resources should aim to uplift the wellbeing of sexual minority young adults.</p>