To examine the association between community and individual-level residential environment in relation to subjective well-being (SWB) amongst 470 elderly migrants in China, this community-based survey was conducted. The manner and extent to which the SWB of these elderly migrants is influenced by their residential environment was the main area of focus. The Scale of Happiness of the Memorial University of Newfoundland was used to assess SWB. SWB was found to be associated significantly with environmental factors such as social cohesion, closeness to the nearest facility of recreation, the density of recreation facilities, financial facilities, and health facilities. The health facility density (B = 0.026, p < 0.001) and recreation facility density (B = 0.032, p < 0.001) had positive associations with SWB, while financial facility density (B = −0.035, p < 0.001) had a negative association. The primary determinants of SWB for elderly migrants ranged from individual to environmental factors. Through the enhancement of the accessibility to healthcare facilities in their new homes, in addition to promoting recreational activities and social services, the SWB amongst elderly migrants could be enhanced further.