The main aim of the current study is to examine the changes in the components of subjective well-being (SWB) over time in patients with osteoarthritis who have undergone total hip or knee replacement surgery (arthroplasty). We are also interested in determining whether pre-operative ratings of self-reported health (SRH) status, as well as change in health status, can serve as predictors for postoperative levels of SWB. To this end, 50 participants who had been admitted to a hospital for arthroplasty completed the measures twice-first at the clinic one day before the surgery, and then at home approximately 4.5 months after the surgery. Despite the fact that there were substantial improvements in participants' health and physical functioning after the arthroplasty, there were no changes in their ratings of general SRH, life satisfaction (LS), or negative affect (NA). The only change in SWB scores was in the level of positive affect (PA), which was significantly higher after surgery compared with the pre-operative measurement. LS, NA, and PA scores after arthroplasty were differentially predicted by health ratings, showing that, it is the cognitive-evaluative component of SWB (i.e., LS) that is mostly responsible for the association between general SRH and SWB while affective components (i.e., NA and PA) are primarily related to more specific health indicators. Our findings can assist physicians in their efforts to provide more realistic expectations for their patients undergoing surgery in terms of the physical and psychological outcome.