Fulfillment of students' expectations in the educational context is likely to generate a sense of satisfaction and well-being. The current study examines the association between students' perceptions of psychological contract breach and their psychological well-being and satisfaction in a project collaboration context with a thesis advisor. The moderating role of conscientiousness on these relationships is considered. Students in 48 group thesis projects of the undergraduate management program at a private university in the Philippines were surveyed. Students perceiving higher levels of psychological contract breach in the advisor–student relationship reported lower levels of psychological well-being and project satisfaction. The negative effects of psychological contract breach on psychological well-being were stronger for students high in conscientiousness compared with students low in conscientiousness.