Despite being a common sexual practice, not much is known about masturbation within the Malaysian context. The current study examined the masturbation practices of a convenience sample of Malaysian young adults, and how one's reported experience of masturbating and frequency of masturbation is associated with sexual and psychological well-being. Satisfaction with sex life, satisfaction with life, depression, anxiety, and stress were measured as outcome variables. Responses from 621 participants (M = 22.1 years, SD = 2.4 years) that were collected through an online questionnaire were analyzed. Results revealed that most participants (77.7%) had masturbated at least once in their life. Sexual satisfaction and psychological well-being did not differ between those who reported masturbating before and those who did not. Among those with masturbation experience, higher frequency of masturbation was associated with less sexual satisfaction and more symptoms of anxiety and stress. Masturbation frequency was not associated with life satisfaction or reports of depressive symptoms. Gender, frequency of partnered sex, availability of a sexual partner, and religiosity did not moderate the relationships between masturbation frequency with sexual satisfaction and psychological well-being. Although the limitations of the current study impede generalizability, masturbation was found to be a common behavior among the current sample. Causal inferences cannot be drawn from the significant associations found in the current study, as the findings indicate such relationships may be bidirectional.SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s12119-023-10101-2.