Introduction: Psychological empowerment is one of the most important empowerment measures for women in society. There is a need to address the key psychological factors that are correlated to one another and are strongly associated with psychological empowerment. Methods: In this cross-sectional study the standardized tools of WHO BREF-QOL for quality of life, Ryff’s Psychological well-being scale, Rosenberg’s self-esteem scale, Cohen’s perceived stress scale, Tobin’s coping strategy inventory, Leykin and DeRubeis Decision making style questionnaire and Big Five inventory for personality traits were used. A sample of 600 women in the age group of 25-45 years was included from the district of Amritsar, Punjab, India. Results: Quality of life, psychological well-being, coping strategy, decision-making style, and personality traits showed moderate to high levels and acted as positive factors affecting psychological empowerment in women. Results from the factor analysis revealed the major components underlying the psychological empowerment of these women. The results showed the highest factor loadings on personal growth subdivision of psychological well-being, social support, and social withdrawal coping strategies used to overcome stressful situations, environmental quality of life, anxious, avoidant, and spontaneous decision-making styles, and openness personality traits. These correlates thus pave the foundation of psychological empowerment in women of the present study. Conclusion: The psychological empowerment of women is thus affected by the type of environment, their social attitudes, their feeling of continued development, their sense of realizing their potential, their decision-making styles, and their curious and imaginative nature.