As the common saying goes “beauty lies in the eyes of beholder”, one’s perception plays a crucial role in his or her mental health. Perceived body shape is how ones perceive his or her body/ figure. Self concept is all about how much people value themselves and how worthwhile they feel. Self concept perhaps is the broadest term it has been used in many ways, referring to many parts of a whole set of experiences and thoughts. Sometimes it is used to refer to the whole set. Some related terms are ego, identity, self concept and self schema. It is important because feeling good about oneself can affect how one acts. Wellbeing in the simplest term is understood as a state of health, happiness and/or prosperity. In a broad understanding, well being is living good life with which one is satisfied. Therefore keeping in view the importance of self-concept and well being in forming and maintaining perceived body shape especially in young college girls, the present study focuses on self concept and well being in relation to perceived body image as used by 80 female college students between the age ranges of 18 to 21 years. They completed a self report questionnaire of body shape (body shape questionnaire BSQ by Melanae Taylor 1987; self concept (6 factor self concept scale SFSCS by stake 1994) and well being (The Friedman well being scale 1994). Bivariate correlation demonstrates that there is a significant negative correlation between well being and perceived body image. Similarly, a significantly negative correlation was found between perceived body shape and self concept. The results indicate that less distorted perception of body shape leads to higher self concept and well being. Also distorted perception of body shape results in poor self concept and well being.