The aim of the current study was to evaluate and compare the relationship of mindfulness with self-efficacy and self-esteem. The study has also investigated the difference in mindfulness levels across five dimensions: observing, describing, acting with awareness, non-judging of inner experiences and non-reactivity to inner experience between males and females and between young adults and middle-aged adults who belong to the Indian population. There was a total of 146 participants ( F = 80, M = 66), 84 in the young adult group (20–40 years) and 62 participants in the middle adult group (41–65 years). Pearson correlation showed statistically significant ( p < 0.01) moderate positive correlation between all the five dimensions of mindfulness and self-esteem; while self-efficacy had significant ( p < 0.01) moderate positive correlation with all the dimensions of mindfulness except for non-judging of inner experiences. Multiple linear regression (MLR) with self-esteem as outcome variable showed model fitness of 51% ( p < 0.01) with acting with awareness, non-reactivity to inner experience, non-judging of inner experiences and describing as predictive variables. With self-efficacy as outcome variable, MLR showed model fitness of 40% ( p < 0.01) with non-reactivity to inner experiences, acting with awareness, observing and describing as predicting variables. Females were found to be significantly higher in acting with awareness and observing dimensions of mindfulness compared to males. Middle adults were found to be significantly higher only in the non-judging of inner experiences dimension as compared to early adults. Importance of mindfulness in improving self-concept has been established in western world. The present study, by exploring the relationship between mindfulness and self-variables in Indian population, highlights the probable positive outcomes of mindfulness enhancing techniques on self-esteem and self-efficacy of individuals, and therefore on the quality of life.