Purpose: A review of literature reveals that stress is prevalent among PhD students who are experiencing higher levels of stress than age-matched general population normative data, and has drawn attention worldwide. However, few studies have examined the factors influencing the psychological well-being of Chinese PhD students and the type of supports most needed. Method: This study was conducted by a qualitative method employing the Grounded Theory. Through purposive sampling, 10 Chinese PhD students were selected on the basis of theoretical sampling, and data were collected through semi-structured, in-depth interviews with the participants. Results: Chinese PhD students experienced stress of nuanced nature at their varied years of PhD study. The obtained codes were categorized under four themes, including graduation, job prospects, relationship and other factors. Conclusion: Chinese PhD students experienced stress from a variety of sources, corroborating with and reinforcing previous research findings. By exposing the explanations of the factors for stress confronting Chinese PhD students, this study compels us rethink the relationship between the widely existing stress and relevant policy or regulations, and proposes suggestions for counselling and policy reform.