The present study aims at exploring whether the level of well-being vary as a function of fertility status in different phases of the ovulatory cycle. We investigated the multidimensional well-being, including the cognitive component of subjective well-being related to judgments about one’s life satisfaction, the psychological well-being concerning the full growth and self-realization of the individual, and self-esteem, that is the personal judgment of overall self-worth and is recognized as one indicator of well-being. On the basis of the cycle phase (...) estimation at the moment of the experiment, one hundred and sixteen normally cycling women were divided into “fertile” and “non-fertile” groups and were administered the Psychological Well-Being Scale, the Basic Self-Esteem Scale and the Satisfaction with Life Scale. A Multivariate Analysis of Variance has been performed to examine whether there were differences between groups according to their ovulatory phase. All dimensions of psychological well-being, self-esteem and satisfaction with life were found to be stable in the different phases of the menstrual cycle. The implications of these results are discussed. (shrink)