What constitutes a good life? Two qualities have been espoused in psychological literature. The first is happiness. The second is meaning in life. However, in this modern society of consumption culture, the pursuit of money not only helps people meet their basic needs but also fulfills their material desires. This study examined the folk concepts of a good life and subjective well-being among college students. Participants (N = 357)drawn from a national university in northern Taiwan rated the desirability and moral goodness of happiness, meaning in life, and income. The subjective well-being of college students was assessed with life satisfaction and affect measures. Results revealed significant interaction effects of happiness and meaning with regard to desirability as well as moral goodness, whereas money was relatively unimportant. These results suggest that the combination of happiness and meaning is essential in the folk concept of the good life. The finding that income was highly desired but lower in moral goodness may reflect the conflict between traditional social values and today’s consumer culture, which contributes to college students’confusion in values and life goals. With regard to subjective well-being, our college students scored lower in life satisfaction and affective well-being as compared to the students in other nations. This result suggested that we should attempt to increase our college students’experience of happiness and meaning in life in order to enhance their subjective well-being. However, we should also help our college students keep their vision of the good life in their pursuit of happiness and meaning to prevent them from getting lost in this money-driven, consumer culture.