Based on an empirical survey in Shanghai, this study tests the effects of four domains of social quality (SQ) viz. economic security, social inclusion, social cohesion, and social empowerment on subjective well-being (SWB). The results show that home ownership and income are important determinants of SWB, though the latter is not as strong a predictor of SWB as the former. Apart from the economic determinants, social cohesion (e.g., political trust) as well as social inclusion (e.g., involvement with social and cultural organizations) can influence people’s SWB to a high degree. Additionally, social alienation and loneliness are negatively related to SWB. Even the degree to which people can express themselves freely relates directly to their SWB level. Results also show that the more people see success as a result of self-effort, the higher their SWB level.