Since the close of the last century, the world has witnessed rapid developments in communication, information and computer technologies. The use of these technologies is on the rise among all age-groups, in particular the youth. It is the means to communicate with family and friends, etc. With the increase in the number of internet users, studies on the extent to which these technologies affect the wellbeing of the users have also increased. Due to conflicting results and findings from previous research on this issue, the current study aims to explore the relationship between the use of the Internet and some aspects of wellbeing, particularly as manifested in the variables of optimism and satisfaction with life. The sample consisted of 400 university students from scientific and humanistic faculties. A number of scales were administered, including (1) a scale to measure Internet activities, developed by the researcher; (2) the Satisfaction with Life Scale as prepared by Diener et al (1985), and by Ahmed Abdel Khalek (2008); and (3) the Arabic Scale on Optimism and Pessimism, developed by Ahmed Abdel Khalek (2005). These scales all enjoy high psychometric characteristics. A number of statistical methods were used to analyze the responses of the sample: means and standard deviation, t-test to calculate the significance of differences between the means, and Pearson’s correlation coefficients. The results of the study showed that the university students who use the Internet for three to four hours per day, are those mostly seeking fun, tending to socialize, searching for information and using the internet for e-commerce. This contrasts with students who use the Internet for less than two hours/day. No significant differences were found between students who use the Internet for three to four hours as compared to students who use the internet for more than five hours/day. The results are discussed in the light of the circumstances surrounding the sample, as well as in the light of the findings of previous studies.