Homophobia remains a relevant problem due to its negative impacts on the mental health and well-being of LGBT+ people (Lesbian, gay, bisexual, transgender and all social and gender identities). This study researched coping strategies, academic stress, self-esteem, empathy, psychological well-being and bullying with regards to sexual orientation, thus assessing whether there is a correlation between these variables and homophobia. An ex post facto design was used, with questionnaires to measure coping strategies, academic stress, self-esteem, bullying, empathy, psychological wellbeing and homophobia in a sample of students. The main variables included sexual orientation, psychological wellbeing, coping strategies, self-esteem, academic stress, empathy and bullying. Results showed that psychological well-being positively predicts homophobia, which may be due to individuals with higher well-being perceiving differences as threats to their status. Amongst others, a higher level of homophobia towards lesbians in comparison to gay men was found, probably due to stereotypes and the eroticization of lesbian women, as well as a higher self-esteem amongst heterosexual people, but with lower levels of empathy and emotional coping strategies. The findings suggest that interventions should focus on reducing homophobia by promoting empathy and emotional coping strategies. Education and awareness- raising in educational settings may be crucial. Practical implications include the need for psychological and educational support programs that address both the well-being of LGBT+ people and the reduction of prejudice in society. These findings highlight the importance of an intersectional and multifaceted understanding of homophobia to effectively address its root causes.