This review paper explores the relationship between Psychological Well-being and Satisfaction with Life with special focus on the literature related to COVID-19. Very few studies although have been carried out during the period March 2020 to Dec 2020. The pandemic has adversely influenced people especially the doctors who work under immense stress. There is ample literature available on the variables psychological wellbeing and satisfaction with life, but in different contexts. The aim of this paper is to suggest the gaps thus identified by reviewing the past studies carried out in this domain and suggest a hypothetical model which can be further tested in future studies.