This study aimed to examine the relationship between emotional intelligence (EI) and psychological wellbeing in a three-month follow-up study of male athletes. In addition, we examined the mediating role of perceived social support and perceived stress on the relationship between EI and psychological wellbeing. The sample included 398 male athletes who completed measures of emotional intelligence (Schutte Self-Report Inventory), psychological wellbeing (Ryff Psychological Wellbeing Scale; SSRI), perceived social support (Multidimensional Scale of Perceived Social Support), and perceived stress (Perceived Stress Scale–10). Results from structural equation modelling procedures identified that perceived social support and perceived stress partially mediated the association between EI and psychological wellbeing. The sequential mediation effects of perceived social support–perceived stress on the relations between EI and wellbeing were confirmed. Finally, limitations and recommendations for future research were considered.