The mental well-being (MWB) of physicians is important both for patients and for the physicians themselves, positively influencing their health and patient care. The current study was undertaken to clarify the impact of perceived stress (PS) and work–family conflict on the MWB of physicians. Two satisfaction-related variables, namely job satisfaction (JS) and career satisfaction (CS), were expected to mediate between these variables. Data were collected through a survey of 102 physicians. The results show strong correlations between all study variables. Job satisfaction and CS completely mediated the link between PS and MWB. These results highlight the importance of JS and CS in ensuring the MWB of physicians. If physicians feel satisfied and empowered, then PS will not impact their MWB. Directions for future research are discussed at the end of the paper. Organisations must enact measures to enhance the satisfaction levels of physicians by providing a supportive environment, opportunities for career growth, and diversity of work.