The purpose of this study was to examine and compare the structural equation model of psychosocial factors related to sufficient consumption behavior between students in Thailand and Malaysia. For the sample of this study, 364 undergraduate students from Thailand and 360 from Malaysia were recruited, a total of 724 students. A series of 8 structured questionnaires with summated rating scales and 1 questionnaire on demographic characteristics were used to measure the aforementioned constructs of the hypothesized model. The findings are as follows: 1) The structural equation model of sufficient consumption behavior of the Thai and Malaysian students was adjusted. The sufficient consumption behavior was directly affected by materialism (-.54), attitude towards sufficient consumption behavior (.37), and character strengths (.21).