The purpose of this study was to analyze the effect of positive psychology and exercise interventions on psycho- logical well-being and ill-being indicators in Costa Rican college students. This study had a quasi-experimental factorial (4 x 2) design, 233 college students (18.97 ± 2.18 years, 135 females, 98 males) were assigned to one of four different conditions: positive psychological interventions (PP), exercise interventions (E), combined (PP + E) interventions, and control group (C). Psychological well-being and ill-being indicators were measured pre and post interventions. Positive psychological interventions improved the 'negative emotions' indicator (p = .022); but did not have a significant impact on well-being indicators (p > .05). The combination of PP and E interventions pro- duced the same effects as PP alone; a decrease in 'negative emotions' was observed (p = .028). This effect might contribute to improve the experience of university life for higher education students and protect them from the risks associated with psychological ill-being. Exercise interventions alone did not change either the psychological well-being or ill-being indicators (p > .05).