Wellbeing Literacy is described as a key component to communicate wellbeing and is conceptualised broadly as the vocabulary, knowledge and skills that may be intentionally used to maintain or improve the wellbeing of oneself or others. Six aspects of Wellbeing Literacy were examined in relation to common indicators, predictors and risk factors of wellbeing in a sample of over 3,000 young people, between the ages of 10 to 25. Initial analyses indicated that young people who reported lower levels of Wellbeing Literacy were also more likely to report poorer levels of Psychological, Physical, Social and Emotional wellbeing, as well as higher levels of emotional risk, particularly for anxiety, depression and stress. These findings have implications for interventions, evaluations, policies and practices in both education and health systems.