The assessment and promotion of the psychological well-being in people and communities affected by the armed conflict are pending tasks for the Colombian health system. This study aimed to analyze the extent to which the dimensions of social support and quality of life significantly predict psychological well-being in survivors of the armed conflict in Colombia. For this purpose, a structural equation model describing the links between these variables was developed. A predictive cross-sectional design allowed confirming significant differences between a sample of 272 survivors (Mage = 43.24, SD = 14.25, range 18–85) and other 212 participants not affected by the armed conflict (Mage = 32.42, SD = 12.03, range 18–69). Using a Mann Whitney U test, the results revealed that both samples differed in all the dimensions of quality of life and social support, with the exception of the dimensions Environment and Instrumental. In survivors specifically, psychological well-being positively correlated with both quality of life (r = .40, p. <.01) and social support (r = .30, p. <.01). A binary logistic regression correctly classified 72.4% of the sample of survivors revealing that the model acceptably classifies this population according to their level of well-being. The structural equation model developed showed a good fit GFI y TLI ≥.93, RMSEA ≤.06, CFI e IFI ≥.95. In addition to contributing to the existing knowledge about psychological well-being in survivors, the findings provide guidelines that allow the improvement and reinforcement of public health actions and comprehensive reparation policies.