The Study was designed to investigate the intrapersonal and interpersonal components of emotional intelligence, and psychological well-being of late adolescents: orphans living in orphanages and non-orphans living with both parents. Research was conducted on 128 participants, among them 64 were orphans (32 boys and 32 girls) and 64 were non-orphans (32 boys and 32 girls). The sample was selected through purposive sampling technique. The age range of the participants was between 16 and 21 years. Data of orphans were collected from two orphanages. For the data of non-orphans, higher secondary schools were approached. Demographic data sheet, Scale of Emotional Intelligence (Batool & Khalid, 2009) and Ryff’s Scale of Psychological Well-being (Ryff, 1989) were used to measure the study variables. Group differences on t-test indicate that orphans scored significantly lower on emotional intelligence and psychological well-being than non-orphans. Result of stepwise regression show that intrapersonal and interpersonal emotional intelligence significantly predict psychological well-being. It may be concluded that children living with both parents and those living in orphanage significantly differ on emotional intelligence and well-being, and intrapersonal and interpersonal components of emotional intelligence are significant determinants of well-being of orphans and non-orphans.