Purpose <p>Research on well-being in emerging adulthood, typically spanning the 20s to early 30s, has received limited attention in individuals with hearing loss. The present study aimed to explore the associations between well-being – operationalized as health-related and general quality of life as well as perceived stress – and age, working memory, and mentalizing, that is, the ability to reason on other person’s mental states, in young adults with hearing loss aged 18–35 years, and test whether well-being differed compared to normally-hearing peers.</p> Methods <p>In this cross-sectional study, participants were assessed on tests of verbal working memory and mentalizing skill and self-reported perceived stress as well as health-related and general well-being. Forty-one participants, 18 with hearing loss and 23 normal hearing, with a mean age of 26 years were recruited to the study.</p> Results <p>The results suggest that young adults report similar levels of well-being irrespective of hearing status. Working memory and mentalizing abilities did not show an association to well-being in either group. Age was found to be negatively correlated with well-being for participants with hearing loss.</p> Conclusion <p>The level of well-being might decline in individuals with hearing loss as everyday demands increase with increasing age in early adulthood.</p>