The present study examined protective factors associated with the wellbeing of 93 youth from a refugee background resettled in Brisbane, Australia. Wellbeing was defined as an absence of psychological distress and the presence of subjective wellbeing. Students at Milpera State High School, a special English language school, completed a battery of questionnaires. Hierarchical multiple regression analyses examined the relationship between protective factors and wellbeing, while controlling for sociodemographic characteristics. The results indicated that higher levels of school connectedness and acculturation were significantly associated with lower levels of psychological distress. Further, higher levels of school connectedness, acculturation and resilience, in addition to having a permanent visa, were significantly associated with higher levels of subjective wellbeing. Notably, 55% of the variance in subjective wellbeing was explained jointly by these factors. School connectedness, acculturation, resilience, and visa certainty were instrumental in enhancing aspects of wellbeing in the present sample of students from a refugee background. Implications for refugee-related policy and strategies in schools, mental health services, and at broader governmental levels are discussed.