This study aimed to evaluate the effect of contemplation and meditation (CM) training, with a focus on developing great compassion, on the psychological well-being (PWB) of adolescents. Participants (N = 51, mean age = 15.8) were randomly allocated to either CM training (n = 26) or a comparison group (n = 25). Both groups completed measures of PWB before and after the intervention. Adolescents who received CM training showed statistically significant increases in environmental mastery and personal growth, as well as decreased negative affect compared to the comparison group. Girls in the experimental group also showed a significant decrease in negative affect compared with boys in the experimental group. Both the experimental and comparison groups demonstrated increased life satisfaction, environmental mastery, self-acceptance, autonomy, and purpose in life. There were no changes in positive affect and positive relations with others for both groups.