Using survey data collected from January to September 2018 (N = 430), this study examined how neighborhood physical conditions and social cohesion were associated with psychological well-being via pathway of self-management abilities among Chinese older adults living in Honolulu, Hawai'i. Results showed that, for the whole sample, neighborhood physical conditions and social cohesion were significantly associated with psychological well-being, and the main associations were mediated by self-management abilities in the amount of 34% and 60%, respectively. Similar results were found for the foreign-born, whereas for the U.S.-born, psychological well-being was significantly related to neighborhood physical conditions only. Our findings reveal the importance of neighborhood conditions and individual psychological resources on psychological well-being of Chinese older adults.