The purpose of this study was to provide a structure- oriented cross-cultural comparison of the within-group relationships between the negative life events, academic stress and subjective well-being among the Iranian and Swedish undergraduate students. On a sample consisting of 205 students (100 Iranian, 105 Swedish) the negative Event Scale, Academic Stress Questionnaire, Positive and Negative Affect Schedule and Satisfaction with Life Scale were administrated. Hierarchical regression analysis was used to assess the relationships between the multiple factors in both groups. Results of the multiple regression analysis showed that there was no significant difference between the Iranian and Swedish students in terms of the structure –oriented relations of the negative life events, academic stress and subjective wellbeing. However, the results of within-group comparisons showed that among the Iranian students, in comparison to the Swedish students, the negative life events had a high ability in predicting the academic stress and the emotional and cognitive components and that the academic stress had a high ability in predicting the subjective wellbeing. Results of the present study put an emphasis on the similarity of applied features of negative life events and academic stress among the Iranian and Swedish students in predicting the subjective wellbeing.