The purpose of this study was to investigate the problem gambling among undergraduate students in the universities of Macao and its correlated risk factors, namely knowledge about gambling, perceived norm of university student gambling behavior, impulsivity and life satisfaction. These risk variables reflect respectively cognitive misconception, psychosocial factors, personality trait and subjective well-being. One hundred and ninety-eight participants (80 males and 118 females) aged from 18 to 24 were surveyed and the results showed that the prevalence rate of problem gambling was 2.5% among Macao undergraduate students. As predicted, the impulsivity and the perceived social norm of student gambling behavior were found positively associated with problem gambling, whereas knowledge about gambling and the life satisfaction were found negatively associated with problem gambling. In addition, in regression analysis, perceived social norm and knowledge about gambling were both found to be strong predictors of problem gambling, in positive and negative directions respectively. The implication of the findings on effective preventive intervention on early problem gambling was also discussed.