SummaryRecent research provides evidence for the negative social perceptions of evening chronotypes and their consequences on mental health. However, there is a lack of studies indicating whether these negative, socially shared beliefs may become internalized in negative self‐perceptions of evening‐types (E‐types). The present article provides a seminal empirical analysis of the role of self‐liking and self‐competence in the associations between chronotype and both depressiveness and well‐being. In the first part of the study, the participants completed the Composite Scale of Morningness. On the basis of the chronotype cut‐off criteria for Composite Scale of Morningness distribution, 100 individuals were classified as morning‐types (M‐types) and 66 individuals as E‐types. Therefore, 166 participants (80 women and 86 men) aged 18–36 years (M ± SD: 29.27 ± 4.81 years) took part in the second part of the study, and completed questionnaires measuring self‐liking, self‐competence, life satisfaction, positive and negative affect, and depressiveness. Results show that E‐types scored lower in self‐liking, self‐competence and subjective well‐being, and higher in depressive symptoms than M‐types. Controlling for age and gender, we obtained significant mediation effects, showing that the relationship between chronotype and subjective well‐being might stem from the lower levels of self‐liking and self‐competence among E‐types, and that the relationship between chronotype and depressive symptoms might stem from the lower level of self‐liking among E‐types. Our results suggest that self‐liking and self‐competence are important antecedents of lower well‐being and higher depressiveness reported by E‐types. Socially shared stereotypes of M‐types and E‐types can be internalized by the extreme chronotypes, which may significantly affect their psychological health.