Well-being is a multi-faceted construct that encompasses all aspects of healthy and successful human functioning across multiple domains. The purpose of the present study was to investigate the predictive power of student subjective wellbeing on several specific adolescent school and psychological adjustment indicators: school achievement, academic satisfaction, prosocial behavior, and internalizing and externalizing problems. Participants included 223 adolescents, comprising of 54.9% girls, ranging in age from 13 to 18 years (M= 15.67, SD= 1.21). Findings from the LVPA indicated that student subjective wellbeing was significantly associated with youth school functioning and adjustment outcomes, ranging from small-to-large effect size (R2 range = .05 to .42). Student subjective wellbeing had the strongest predictive effect on prosocial behavior, followed by academic satisfaction, psychological health problems, and school achievement. With regard to the first-order models, school connectedness and joy of learning significantly predicted student academic satisfaction, prosocial behavior, and psychological adjustment problems. However, the predictive effect of these variables on student school achievement was non–significant. Educational purpose and academic efficacy were significant predictors of all adolescent outcomes. Taken together, these results suggest that student subjective wellbeing is an essential resource for improving youth academic functioning and psychological health.