This study tests a Study Demands–Resources (SD–R) model in Malaysian higher education. We examined links from study demands and four study resources to student burnout, student engagement, satisfaction with life, and grade point average. Survey data came from 360 undergraduates across public and private universities. We estimated the model using partial least squares structural equation modelling. Study demands related positively to burnout. Growth opportunity, information availability, and lecturer support related positively to engagement, whereas peer support was not significant. Engagement related positively to satisfaction with life and grade point average. Burnout related negatively to both outcomes. This study advances understanding of university student well-being in Malaysia by applying a differentiated SD–R model calibrated to local higher education. It separates structural, informational, and socioemotional resources to clarify resource-specific pathways to engagement. It also connects well-being states to both life evaluation and academic performance, offering a theory-grounded basis for evaluating which study conditions matter most for Malaysian universities.