This study aims to determine the relationship between teachers’ compliance with ethical rules and students’ psychological well-being. In this study, a correlational survey model was used. The population of the study consists of High school students studying in Haymana, Polatlı, and Güdül districts of Ankara in the academic year of 2018-2019. The sample consists of 672 high school students selected from the population by simple random sampling method. “Teacher Ethical Values Scale According to Student Perception” and “Psychological Well-Being Scale” was used to collect data in the study. In the analysis of data, t-test, one-way analysis of variance (ANOVA), Pearson-Product Moment Correlation Coefficient, and Multiple Linear Regression techniques were utilized. In consequence of the study, it was determined that the students’ perception of their teachers’ level of compliance with ethical rules was high. Students’ psychological well-being levels were determined at the level of “slightly agree” according to the evaluation system of the scale. A significant positive correlation was found between students’ perceptions of teachers’ level of compliance with ethical rules and their psychological well-being. It was concluded that the total scores of the teacher ethical values scale are a significant predictor of the psychological well-being variable according to student perception.