Trust and team communication are central aspects for the achievement of both individual and common goals, which affect not only work efficiency but also the well-being of its members. In addition, organizational justice could affect these indicators, as well as the perception of collective efficacy within organizations, in this case, schools. The purpose of this study was to analyze the effect of organizational justice on teachers’ subjective well-being, and how this is affected/mediated by collective efficacy. We worked with a sample of 693 teachers across Chile. Multiple mediation analysis was carried out, where the latent variables of the study were estimated (subjective well-being, organizational justice, and two dimensions of collective efficacy). The results indicate that there is full mediation of the collective efficacy dimensions between the predictor–criterion relationship. Our findings allow us to hypothesize that perceptions of collective efficacy are central to explaining well-being as an intrinsic factor.