The purpose of this study was to examine how well-being is associated with self-compassion and self-esteem, mediated by coping styles. Two hundred and forty-seven undergraduate students (mean age＝19.37 years, SD＝1.12) completed questionnaires comprised of scales measuring self-compassion, self-esteem, coping styles, and subjective well-being. Covariance structure analysis showed that (a) self-compassion was positively related to positive interpretations, and resulted in good well-being; (b) self-compassion was associated with planning positively; (c) self-esteem was positively related to well-being directly; (d) self-esteem was associated with abandonment and avoidance of responsibility negatively and catharsis positively. Finally, we discussed the different relationships between self-compassion and self-esteem with well-being.