This study investigated the stress-buffering effect of social support on psychological well-being and impact of demographic factors on stress in a sample of farmers. One-hundred and ninety-six farmers completed an online questionnaire including measures of social support, stress, psychological well-being, and demographics. Overall, after controlling for stress, increased social support was associated with higher psychological well-being. Family support had a significant relationship with financial and farm-related factors of stress but not with psychological well-being, while friend and significant other support had a much greater impact on psychological well-being than family support. Membership of a farming organisation was found to be protective against social stress while working on one type of farm only (e.g., dairy) was protective against financial stress. The findings highlight the potential utility of the stress-buffering model in understanding stress among farmers. Future interventions which facilitate social support, reduce stress, and boost psychological well-being among farmers are needed.