Background: While the role of some personality traits has been comprehensively explored, scientific study of others, such as patience has been neglected. Psychologists have paid scant attention to patience as a personality trait, character strength or virtue. Objectives: The current study examined the relationship between patience and life satisfaction, mental health, and personality. Materials and Methods: A sample of 252 Iranian college students (129 females and 123 males) completed the 3-factor patience scale, satisfaction with life scale, general health questionnaire, anxiety and depression scales and mini international personality item pool-big five. Results: The three types of patience (interpersonal, life hardship, and daily hassles) were associated with higher levels of life satisfaction and lower levels of depression, anxiety and psychological dysfunction. Patience also showed moderate relationship with the Big-Five factors of personality. After controlling the personality factors, patience managed to explain additional unique variance in life satisfaction and mental health indicators. Conclusions: Patience is a unique predictor of mental well-being. It is suggested that long-term patience is more important for depression and general health, whereas short-term patience is more beneficial for hedonic well-being.