This research aimed to enhance understanding of the associations between identity orientations and adolescent subjective well-being (SWB) by testing a theoretical model that integrates the tetrapartite model of the self and the self-determination theory. The main goals of the present study were twofold: (1) to investigate the relationships between four identity orientations (personal, relational, public, and collective) and SWB indicators (i.e., life satisfaction, positive affect, and negative affect); (2) to examine whether the satisfaction and frustration of needs for autonomy, relatedness and competence moderate the relationships between identity orientations and SWB. A final sample consisted of 1,933 adolescents from Serbia (62.2% female), with a mean age of 15.66 years (age range: 14–19 years). The data were analyzed using the structural equation modeling. Our findings indicate that collective identity orientation appears to be the most influential aspect of identity for adolescent SWB, while public identity orientation has a weak, but robust negative contribution to SWB. Personal and relational identity orientations had limited predictive value in predicting SWB. Satisfaction and frustration of basic psychological needs play a significant role in predicting adolescent SWB, but do not act as moderators in the relationship between identity orientations and SWB. Our findings suggest that the relationship between self-construal and adolescent SWB does not depend on the basic psychological needs satisfaction and frustration.