Objective: This research compares the psycholo-gical well-being of gifted female students studying at second grade of gifted high school for girls with their gifted peers in regular schools. Method: Statistical population was the gifted students studying at high school for girls with their gifted peers in regular schools. The sample consisted of 126 gifted school students selected through a simple random sampling method, and sample of second group consisted of 127 students selected purpose-fully from the regular high schools. The research instrument was Ryff’s Psychological Well-being Scale (PWBS, Ryff, 1995) with 84 items including 6 subscales of self acceptance, positive relationship with others, autonomy, purpose in life, personal growth and environmental mastery. Data were analyzed using independent sample t-test and multivariable analysis of variances (MANOVA). Results: Results of t-test revealed that psychological well-being of the gifted students of regular schools was significantly higher than gifted students of gifted high school (p<0.05). Also results of multivariable analysis of variances indicated that acceptance, autonomy, purpose in life, personal growth and environmental mastery of gifted students of regular schools was significantly higher than gifted students of gifted high school (p<0.01 or p<0.05), but there was no significant difference between two groups in positive relationship with others (p>0.05). Conclusion: In gifted high schools it is necessary to offer some procedures for reinforcing the gifted student’s psychological well being along with formal education.