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This study investigated how ethnicity and racia/ethnic identity were related to subjective well-being among Afro-Caribbeans and African Americans. Numerous studies have found that racial identity is related to better mental health and positive self-attitudes among African Americans, but little is known about how identities as Afro-Caribbeans or blacks influences subjective well-being for Afro-Caribbeans. Social identity theory would predict that identity would be beneficial for both groups, but it does not consider the different histories, cultures, and life experiences that underlie racial/ethnic identities for the two groups. Using data from the National Survey of American Life, we found that contrary to prediction, Afro-Caribbeans did not have higher subjective well-being than African Americans. Both groups mostly reported being “pretty happy,” evaluated their lives highly on the Cantril life ladder, and rated their mental health as very good. As predicted, ingroup identity as African American or Afro-Caribbean benefited subjective well-being more consistently for African Americans than Afro-Caribbeans. In addition, identity as an Afro-Caribbean had significant associations with more dimensions of well-being than identity as a U.S. black did.