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Refugee research has tended to focus exclusively on the mental health consequences of migration with little attention being devoted to factors that facilitate adjustment. Recently, several cross-cultural researchers have suggested that the growing literature on moderators of stress may elucidate why some migrants experience adverse effects whereas others remain relatively unscathed. This study examines the moderating effects of social and personal resources on the relationship between stress and subjective well-being in 60 recently-arrived and 60 established Salvadoran refugees in Canada. The participants completed a questionnaire that included scales pertaining to stress (life events, hassles, migration-related events), resources (social support, locus of control, self-esteem) and well-being (quality of life, life satisfaction). Varying results were found for both groups. For Recent Refugees, personal resources were found to moderate migration stress. In particular, locus of control buffered the relationships between migration stress and quality of life and life satisfaction, whereas self-esteem buffered the migration stress-quality of life relation. For Established Refugees, social support and self-esteem moderated the relationship between life events and life satisfaction. In addition, social support buffered the effects of hassles on quality of life. The findings underscore the relevance of integrating more firmly the study of refugee adjustment with current developments in stress research.