The rise of neoliberalism has led to the growth of precarious employment in Western countries and the ensuring continuation of precarious work in regions where labor standards are weaker. Despite ample evidence for the negative effects of precarious work on health, quality of life, and well-being, individuals in precarious jobs do not always experience their situation as negative in all respects; they might even see positive aspects of it. These at first sight paradoxical or contradictory individual experiences can only be understood when considering the context and critically unraveling the underlying psychological processes that shape individual experiences. This chapter focuses on four conceptual frameworks that help to explain and unravel positive, paradoxical and contradictory individual experiences and evaluations of precarious work, i.e., ideology (e.g., system justification), subjectification (internalization of control, imbalance of power relations), social norms (normalization of precarious work), and social capital (e.g., in-group connections, individualistic vs. collectivistic societies). Psychological pathways from neoliberalism (macro level) to precarious work (meso level), their related subjective experience (micro level) to health, well-being, and quality of life are traced and analyzed, drawing on insights from critical theory.