English has become the most-widely used lingua franca in international communication, creating a demand for effective English teachers around the world. In reality, there is a surging demand for English teachers around the world and in China, with a greater inclination for native English-speaking teachers (NESTs) over non-native English-speaking teachers (NNESTs), a phenomenon commonly known as explicit or implicit advocacy of native-speakerism. Research has shown that Chinese students are affected by native-speakerism, harming Chinese English teachers' feelings and instructional practices. Even though research has shown that student characteristics play a role in students' perceptions of their teachers' effectiveness, few have examined more complex variables such as motivation and teacher well-being. To fill the research gap, we investigated 470 Chinese English-major students' perceptions of NESTs and NNESTs in relation to NNESTs' psychological well-being. Results show that students perceived NESTs and NNESTs as having different strengths and weaknesses. Such perceptions had various effects on both groups' well-being. Students' motivation was found positively correlated to their perceptions of NESTs and NNESTs. We discuss these findings for the purpose of raising students' awareness of native-speakerism and identifying possible means for teachers to improve their teaching effectiveness by adopting motivational strategies so that teacher well-being is given sufficient attention.