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This study investigates students’ mathematical performance and their Subjective Well-being (SWB) of elementary and middle school students in Shanghai, China. An English version of the instrument for assessing SWB was translated into Chinese. The Chinese version of the instrument was validated. It was found that within elementary school or middle school, there is no difference in students’ SWB among grade levels. However, there are significant differences between elementary and middle school students’ SWB. We also found that there is no gender difference identified for the sample no matter which grade student. Currently, we are still analyzing data to examine the relatedness between students’ mathematical performance and their SWB.