This study highlights areas of importance for psychological well-being in the pandemic era, aiming to explain how participants psychological well-being can be enhanced through traditional festival events, and further analyzes the impact of the antecedents of psychological well-being. Data were collected from the racers in the 2021 Macau International Dragon Boat Race using online panels (n = 356). Four alternative models were evaluated using confirmatory factor analysis and structural equation modeling (SEM). The results indicate that the restorative quality of a traditional festival is the crucial predictor of psychological well-being, and within the structures of social exchange theory and cognitive appraisal theory, emotional healing and satisfaction are also important components of an individuals' psychological well-being. The results contribute to the design, organization and management of traditional festival events and this will help organizers to improve participants’ psychological well-being and their relationships during a pandemic.