Well-being theory (WBT) proposes five indicators of well-being [i.e., positive emotion, engagement, relationships, meaning, achievement (PERMA)] that are, independently, empirically supported predictors of flourishing (i.e., an optimal level of well-being; Seligman in Flourish: a visionary new understanding of happiness and well-being. Free Press, NY, 2011). However, there is limited empirical support for the multidimensional model suggested by WBT. Two studies sought to test and validate the higher-order factor structure of the five components of PERMA and PERMA’s ability to predict concurrent and prospective flourishing outcomes (e.g., physical health, college success). In Study 1, a longitudinal examination of college students, participants completed measures of well-being (including four of the five PERMA indicators), physical health, and college success at the end of their sophomore, junior, and senior years. In Study 2, a larger, cross-sectional study was conducted online to further validate the PERMA model with a broader sample and all five PERMA indicators. Participants completed measures similar to those administered at Study 1 and other measures used to validate Study 1 measures. Results from Study 2 further validated the PERMA model by comparing Study 1 measures to established measures and by adding meaning to the model. Study 1 and Study 2 PERMA models predicted markers of well-being (e.g., vitality, life satisfaction) and flourishing (e.g., physical health). The two studies reported here provide cross-sectional and longitudinal support that WBT is useful for predicting flourishing.