Negative life events are one of the major threats to well-being. Some adolescents are more vulnerable, namely adolescents with special needs that face special challenges for growing up healthy and happy. Nevertheless, internal assets can act as protective factors. The aim of this study is to analyze the factors that moderate the impact of negative life events, among adolescents with special needs, on well-being. The sample included 472 adolescents with special needs, mean age 14 years old. Pupils attended 77 public schools in Portugal. Sample was collected within the HBSC (Health Behavior in School aged Children) Portuguese survey. Questions used in this study, covered well-being, internal assets and life events. Results showed that the well-being of adolescents with special needs who had a set of internal assets (personal and social competences) was protected, even when they faced negative life events. However when several negative life events were present, the assets that continued to be protective were problem solving, F(4, 383) = 3.79, p = .005, η2 = .04, and self-efficacy, F(4, 377) = 3.39, p = .010, η2 = .04, suggesting the resilience properties of these factors.