The present study aims to (1) identify the profiles of subjective well-being (SWB) and psychological well-being (PWB) in a sample of pre-service teachers during the second wave of the COVID-19 pandemic in Hong Kong, and (2) explore how different profiles are linked with teachers’ self-efficacy. Participants were 291 pre-service teachers (Mage = 21.295, SD = 2.812, female = 89.903%) who were invited to complete self-report measures of SWB, PWB, and teachers’ self-efficacy. Latent profile analysis with maximum likelihood estimation was conducted to identify well-being profiles that emerged in this sample. The results suggested a 3-class model with a high, moderate, and low well-being group. The findings also revealed that the pre-service teachers’ well-being profiles as reflected by SWB and PWB indicators were consistent. Moreover, the pre-service teachers in the higher well-being group reported higher teaching self-efficacy than those in the lower well-being group. Findings highlighted the benefits of supporting pre-service teachers’ well-being (i.e., SWB and PWB) to maintain their teachers’ self-efficacy during the COVID-19 pandemic when teacher education and practicum are significantly disrupted. Interventions targeting various positive psychological skills (e.g., mindfulness, self-compassion, and positive reappraisal) are warranted. Future investigation is needed to examine the longitudinal relationship between pre-service teachers’ well-being and self-efficacy. Copyright © 2022 The Author(s).