Research on hedonic and eudaimonic orientations has previously focused on their effects on well-being experiences. Very little is known about their associations with functioning. A preliminary objective of the study was to establish the factorial validity of the Hedonic and Eudaimonic Motives for Activities-Revised (HEMA-R) on an Italian sample (N = 461) through a confirmatory factor analysis. The main objective was to study the distinctive patterns of correlates between different types of orientations to well-being and several outcome measures of positive experiences (flourishing, life satisfaction, positive affect), negative experiences (negative affect, depression, anxiety, stress) and functioning (dispositional coping strategies) by means of a multivariate linear model. The Italian version of the HEMA-R showed a three-factor structure, namely eudaimonic, pleasure, and relaxation orientations. Pleasure orientation was positively related to positive experiences of wellbeing and negatively related to negative experiences. Eudaimonic orientation was associated with positive experiences. Furthermore, eudaimonic orientation showed a positive relation with several adaptive coping strategies, whereas relaxation was associated with avoidant coping strategies. The results reflect that pleasure orientation is aimed at achieving pleasant feelings, while Eudaimonic orientation is aimed at living well. Our findings also suggest that pleasure orientation may reflect the "pursuit of pleasure" component of Hedonia, while relaxation orientation may reflect its "pain avoidance" component. Overall, this study supports the importance of distinguishing between Eudaimonia, and the pleasure and relaxation components of Hedonia to predict individual differences in subjective experiences and functioning.