A large body of work has investigated the relationship between menopausal factors and negative well-being (e.g. anxiety and depressive symptoms), but less is known about positive well-being and its correlates among midlife women. This study tests two models with both positive and negative well-being indices as outcomes: the first included menopausal factors as predictors; the second model expanded the first by adding self-compassion, a protective trait, as a predictor and moderator.Cross-sectional study based on self-report questionnaires from 206 women aged 40-60, currently experiencing hot flushes.Hot flush interference ratings, emotional balance, satisfaction with life, eudaimonic well-being and depressive symptoms.In model one, menopausal stage and hot flush frequency were independent of well-being outcomes. Beliefs about perceived control over menopause was the strongest predictor of well-being (β range: .22-.32), followed by hot flush interference ratings (β range: .15-.33). In model two, self-compassion was the strongest predictor of well-being indices (β range: .20-.39), followed by beliefs about control (β range: .16-.20) and interference ratings (β range: .17-.26).Psychological aspects of the menopause appear more strongly linked to well-being than physiological aspects such as menopausal stage and hot flush frequency. Specifically, self-compassion, feeling in control of menopause and low interference ratings are three factors that are associated with well-being among midlife women. These aspects could be considered in tandem, as a means to support well-being in the context of menopause.