Drawing upon social cognition theory and social support theory, this study investigates the impact of social support on entrepreneurial well-being. Using a valid sample of 228 entrepreneur respondents who are supported by Youth Business China (YBC), this study provides compelling evidence regarding the following key findings: Firstly, family support has a significantly positive impact on entrepreneurs’ entrepreneurial well-being. Partner support significantly and positively affects entrepreneurs’ subjective well-being, although it does not significantly impact objective well-being. The positive impact of social support from institutions on entrepreneurial well-being is not significant. Secondly, partner support and institutional support have significant positive impacts on entrepreneurial passion. However, family support does not exhibit a significant positive effect on positive emotions. Instead, it significantly contributes to entrepreneurial identity. Thirdly, entrepreneurial passion demonstrates a significantly positive impact on entrepreneurial well-being. Fourthly, entrepreneurship passion plays a mediating role between social support and entrepreneurial well-being. Finally, entrepreneurial efficacy positively moderates the relationship between social support and entrepreneurial passion. The study culminates with practical implications for entrepreneurs and policymakers in entrepreneurial practices.