The effects of gratitude and indebtedness on interpersonal orientation (IO) and psychological well-being (PWB) were investigated. In Study 1, female university students (N＝204) responded to a questionnaire. Results indicated that IO mediated the relationship between the obligation to repay, which is a component of indebtedness, and PWB. Moreover, gratitude had a direct positive effect on PWB. Based on these results, in Study 2, we explored why indebtedness had a positive effect on IO. We hypothesized that consciousness of reciprocal interpersonal relationship would moderate the relationship between the obligation to repay and IO. Female university students (N＝199) responded to a questionnaire. Results indicated that consciousness of reciprocity, which is a component of consciousness of reciprocal interpersonal relationships, moderated the relationship between the obligation to repay and IO. These results suggest that indebtedness might have positive functions. Moreover, these results contribute to clarifying the mechanisms relating gratitude and indebtedness to PWB.