Young people’s well-being has attracted significant policy and research attention in Australia and internationally for at least three decades. Despite this, there is no consensus about what it means, how it can be measured or, most importantly, what supports young people’s well-being. This paper adopts a definition of well-being as a multidimensional process, comprising subjective, material and relational factors. Drawing on self-report data collected at two time points from young people (aged 9–14 years) living in rural and regional New South Wales (N = 342 at baseline and N = 217 Wave 2), this paper seeks to identify the salience of these factors to well-being, measured through Perceived Self-Efficacy. Our analysis suggests that a sense of belonging, safety and the presence of supportive adults all appear to support enhanced well-being. The paper concludes with recommendations for policy makers and communities wishing to better support the development of young people’s well-being.