This study aimed to explore the prevalence of bullying and to examine the effect of bullying on psychological well-being including depression, self-esteem, and academic major satisfaction among nursing students during clinical training. Methods: Three hundreds one nursing students who were recruited from three universities in D City were assessed with self-report questionnaires of bullying experience and psychological well-being. Data analyses were performed using the SPSS 21.0 program, which included one-way ANOVA, independent t-test, Pearson’s correlation, and multiple linear regression analyses. Results: More than three quarters of the participants experienced bullying during their clinical training, and their experience of being bullied was a significant predictor of psychological well-being even after controlling for perceived academic performance, relationship between nurses and students, teachers’ or nurses’ help to deal with bullying, and religion. Conclusion: Bullying was an issue among nursing students during clinical placement. Bullying experience yielded negative psychological outcomes associated with high depression, low self-esteem, and low academic major satisfaction. Practical guidelines are required in nursing education to protect students from the possible harm of bullying in clinical settings during training.