Focusing on one of the most intriguing topics in the fields of psychology and economics - subjective well - being, the present paper illustrates the concept of subjective well - being and its difference from other relevant concepts such as life satisfaction, happiness, and psychological well - being. Through summarizing foreign and domestic research on subjective well -being, it also introduces the components and the three -factor measurement model of subjective well -being and its relationships with work efficacy variables.