Given changes in the labour market in past decades, it is of interest to evaluate whether and how contractual and working conditions affect health and psychological well-being in society today. We consider the effects of contractual and working conditions on self-assessed health and psychological well-being using twelve waves (1991/1992-2002/2003) of the British Household Panel Survey. For self-assessed health, the dependent variable is categorical, and we estimate non-linear dynamic panel ordered probit models, while for psychological well-being, we estimate a dynamic linear specification. The results show that both contractual and working conditions have an influence on health and psychological well-being and that the impact is different for men and women.