This study was designed to explore the relationships between stress, self-compassion, and the psychological wellbeing of nursing students while identifing any mediateing effects of self-compassion on these relationships. The study involved 245 nursing students from 4 nursing colleges in J city and S city. The data collection was conducted from June 10 to June 20, 2019. It was analyzed by using descriptive statistics, t-test, one-way ANOVA, Pearson correlation coefficient and hierarchical multiple regression. From the hierarchical multiple regression analysis it is clear that the main factors affecting psychological wellbeing were stress and self-compassion. This is showed with a 39.6% of variance in psychological wellbeing. Moreover, self-compassion had a partial mediating effect between stress and psychological wellbeing. Accordingly, it turned out that the psychological wellbeing of nursing students has a significant effect on stress and self-compassion. Also it was found that through the mediated effect of self-compassion, the higher self-compassion, the better the psychological wellbeing of the subject in a stressful situation. Thus, it is recommended that universities develop intervention programs which can improve the self-compassion and psychological wellbeing of their nursing students.