Recent reports show that low-income students make up a significant share of those participating in higher education, and their well-being constitutes a key factor that influences their college success. This mixed-methods study examined first-year, low-income students' time use and its relationship to well-being framed by an equity-oriented lens that recognizes the time constraints low-income students navigate. Our mixed methods findings identified the link between time use and well-being and--critically--empirical explanations for these links. First, leveraging a unique experience sampling survey design and multilevel analyses, we found that attending class, studying or doing homework, and working for pay were consistently and adversely related to low-income students' well-being. Low-income students who were also first-generation in college fared worse than continuing-generation students when engaging in these experiences. On the other hand, socializing was positively related to low-income students' well-being. Second, an exploration of longitudinal data from hundreds of student interviews illuminated two primary factors that shaped the relationship between low-income students' time use and well-being: (a) structuring time and developing a routine, and (b) the power of reflection and meaning-making. These findings provide important novel insights about low-income students' college experiences and the relationship between their time use and well-being, and offer crucial guidance for educators on how to support low-income students' well-being as they navigate college.