Previous studies showed inconsistent findings on the association between self-awareness and well-being among lesbian, gay, bisexual, transgender, queer, and other gender and sexually diverse (LGBTQ+) individuals. The present study examined the mediating effects of self-stigma and negative emotional responses to oppression in the relationship between self-awareness and well-being, as well as the protective role of nonattachment on the relationship. A total of 1,050 LGBTQ+ individuals were included in the study. They completed measures of nonattachment, self-awareness, self-stigma, negative emotional responses to oppression, and well-being. Results showed that self-awareness was positively associated with well-being via its effect on reduced self-stigma and negatively associated with well-being via its effect on increased negative emotional responses to oppression. For LGBTQ+ individuals with higher levels of nonattachment, the positive association between self-awareness and negative emotional responses to oppression was nonsignificant, and the negative association between self-awareness and self-stigma was strengthened. The study unravels the underlying psychological mechanisms through which self-awareness showed its positive and negative indirect effects on well-being among LGBTQ+ individuals. The results suggest that nonattachment, together with self-awareness, could be vital internal resources for the well-being of LGBTQ+ individuals. (PsycInfo Database Record (c) 2024 APA, all rights reserved).