The present study examined the structure of subjective well-being (SWB) using a person-centered approach, and tested whether SWB profiles differed in a number of self-reported negative life events, emotional distress, and cognitive emotion regulation strategies. The sample included a total of 945 undergraduate students from Serbia (78% female, M age = 20.14 years). A 3-step latent profile analysis with partial conditional independence revealed four profiles, which have been tentatively labeled: low SWB (a combination of low life satisfaction, low positive affect, and high negative affect), mixed SWB (moderate to high life satisfaction, moderate to low positive affect, high negative affect), moderately low SWB (low life satisfaction, moderate to low positive affect, moderate negative affect), high SWB (high life satisfaction, high positive affect, low negative affect). A comparison of SWB profiles applied to symptoms of emotional distress, along with the number of self-reported negative life events and emotion regulation strategies, offered support to the validity of four SWB profiles. Our findings suggest that a person-centered perspective might be a valuable tool for understanding the structure of SWB.