Recent studies suggest that valuing happiness is negatively associated with well-being. Most of these studies used the Valuing Happiness Scale (Mauss, Tamir, et al., 2011). In the present paper, we examined the factor structure of this scale using data pooled from six independent samples (Ntotal = 938). Exploratory and confirmatory factor analysis showed that the Valuing Happiness Scale is not unidimensional and that only one of its three factors correlates negatively with various indicators of well-being, whereas non-significant or positive correlations were found for the other factors. These findings indicate that valuing happiness may not necessarily be bad for one’s well-being, and call for a better definition, theoretical foundation, and operationalization of this construct.