This study aims to examine how parenting attitude and self efficacy perceived by youth affects psychological wellbeing. To this end, we administered a questionnaire survey on 250 students of middle schools located in Busan, Yangsan, and Ulsan. Measuring tools used for this study included the perceived parenting attitude scale of PBI, the Self Efficacy scale developed by Kim, Ah-Young(1997), and the Psychological Wellbeing scale developed by Ryff(1989), and correlation analysis and multiple regression analysis were also used. The findings from this study are as follows: First, parenting attitude and self efficacy perceived by youth was found to have a significant static correlation with psychological wellbeing as well as self efficacy and psychological wellbeing of youth. Second, of the two subcategories of father’s parenting attitude perceived by youth, that is, father-care and father-control, only father-care appeared to have a significant effect on their psychological wellbeing. Also, out of the two subcategories of mother’s parenting attitude perceived by youth, that is, mother-care and mother-control; mother-care alone appeared to have a significant effect on psychological wellbeing. Third, self control efficacy and task difficulty level among three prediction factors of self efficacy were found to affect the entire psychological wellbeing significantly. Fourth, the self control efficacy of the area of self efficacy has significant influence on psychological wellbeing. These results show that parenting attitude and self efficacy perceived by youth affects psychological wellbeing and that psychological wellbeing of youth can be enhanced by means of education to shape desirable parenting attitude and self efficacy.