The aim of this study was to investigate the relationships between self-esteem and subjective well-being. The sample of the study consisted of 191 university students (71 male/120 female) from Sakarya University. The Self-Liking/Self-Competence Scale, the Satisfaction with Life Scale and the Positive-Negative Affect Scale were used to collect data. In data analysis, Pearson correlation coefficients and multiple regression analysis were used. The findings showed that there was a positive correlation between self-esteem and subjective well-being. Also results showed that self-esteem was positive predictor of subjective well-being. The findings were discussed and in the light of these findings suggestions for future studies were proposed.