Although the literature has shown that generalized reciprocity and negative reciprocity as exchange norms can significantly influence employees’ outcomes, knowledge about how and when the two types of norms influence employees’ well-being is limited. Based on social exchange theory and self-determination theory, we built and investigated a model by conducting a large questionnaire survey with 551 employees and managers. The results of the structural equation model supported our hypotheses. First, generalized reciprocity is positively related to well-being, and negative reciprocity is negatively related to well-being. Both intrinsic motivation and perceived organizational obstruction can meditate roles in the above relationships. Moreover, strength use can enhance the relationship between generalized reciprocity and intrinsic motivation, and it can also weaken the relationship between negative reciprocity and perceived organizational obstruction. Our research represents a significant step towards better understanding the work-related implications of imbalanced reciprocity, highlighting the destructive influence of negative reciprocity on employees’ well-being.