This study was examined the general trends in social activity participation, the flow degree, and the psychological well-being of middle-aged women in Korea and explored how psychological well-being varies according to various sociodemographic variables, social activity participation, and the flow degree. This study provided practical insights into how the psychological well-being of middle-aged women can be enhanced. Data were gathered from 302 middle-aged women between the ages of 40 and 60 by using a structural questionnaire. The statistical methods included a descriptive analysis, a t-test, and a regression analysis using SPSS WIN 18.0. According to the results of the hierarchical regression analysis, the key variables influencing the psychological well-being of middle-aged women included the flow degree in terms of social activity participation and the education level. These variables explained 30% of the psychological well-being of middle-aged women. The higher the education level and the flow degree, the stronger the psychological well-being was. Social activity participation and the flow degree had greater effects on psychological well-being than sociodemographic characteristics. In particular, an increase in the flow of social activities increased psychological well-being. This suggests a need to improve the psychological well-being of middle-aged women by providing them with an environment where they can play social roles. One way to accomplish this is by linking retraining and life-long education-related activities to employment or volunteer activities. This study demonstrates the importance of the flow degree for the psychological well-being of middle-aged women. The results have important policy and theoretical implications.