Sexual minorities experience higher levels of stress than heterosexuals, which in turn affects coping and psychological quality of life (PQOL). Although many sexual minorities remain mentally healthy, a higher prevalence of mental disorders among members of the lesbian, gay and bisexual (LGB) communities exists; thus, LGB PQOL becomes an important area to examine. Several key factors are related to PQOL: shame due to heterosexism, self-esteem and perceived stress. Using minority stress model, I hypothesized that shame due to heterosexism and perceived stress are negatively correlated with PQOL, while self-esteem is positively correlated with PQOL. I hypothesized that collectively shame due to heterosexism, self-esteem and perceived stress account for a significant proportion of the variance in PQOL, that self-esteem moderates the relationship between perceived stress and PQOL and that age moderates the relationship between shame due to heterosexism and PQOL. I calculated Pearson product-moment correlation coefficient and found shame due to heterosexism was negatively correlated with PQOL (r(146) = -.21, p = .009), perceived stress was negatively correlated with PQOL (r (146) = -.69, p < .001) and self-esteem was positively correlated with PQOL (r(146) = .72, p < .001). I conducted a regression analysis and found our model accounted for 59% of the variance in PQOL (adj. R2 = .59, F(3, 144) = 68.88, p < .001). Self-esteem did moderate the relationship between perceived stress and PQOL (p = .029), but age did not moderate the relationship between shame due to heterosexism and PQOL. Results suggest perceived stress and self-esteem play key roles in sexual minorities’ PQOL. Implications are discussed.