Academic engagement and well-being of students are important factors that may determine the progress of students in the academic environment, and whose consequences come from and beyond. The aim of this paper is to examine how the basic psychological needs, mindfulness and academic flow contribute to the explanation of academic engagement and well-being of students within the higher education system. The research was conducted in May 2018 using a combination of written and online version of the questionnaire. The following questionnaires were used: Academic Engagement Scale, Flourishing Scale, Academic Flourishing Scale, Satisfaction with Life Scale, Subjective Happiness Scale, Basic Need Satisfaction In Life Scale, Mindful Attention Awareness Scale and Swedish Flow Proneness Questionnaire. The research involved 453 students aged between 18 and 29. A series of hierarchical regression analysis show that behavioral engagement of students is best predicted by academic flow, while psychological need for competence has proven to be a supresor variable. Psychological need for autonomy and competence, mindfulness and academic flow explain lower level of emotional engagement while academic flow best explain cognitive engagement. The experience of subjective happiness is statistically significant predicted by all of the psychological needs, while life satisfaction is predicted only by the need for autonomy and competence, as well as academic flow. Psychological flourishingis statistically significantly explained by all psychological needs and academic flow while the academic flourishing experience is explained by the psychological needs for autonomy and relatedness, and academic flow.