The effects of hedonic and eudaimonic orientations on individual well-being have received much scholarly attention. However, the empirical findings from previous research are not consistent, raising the question of when the pursuit of hedonia and eudaimonia lead to actual improvements in individual well-being. We argue that the relationship between orientations to happiness and well-being outcomes are moderated by orientation priorities, which reflect the relative level of importance individuals place on eudaimonic motives compared to hedonic motives. A total of 312 Chinese undergraduate students completed surveys assessing hedonic and eudaimonic orientations, orientation priorities, and well-being outcomes, including psychological well-being, positive affect, and negative affect. The results revealed that a eudaimonic orientation was positively related to psychological well-being, a hedonic orientation was positively related to positive affect, and both relationships were moderated by orientation priorities. For individuals who prioritized eudaimonia over hedonia, both orientations improved well-being. For individuals who prioritized hedonia over eudaimonia, the benefits related to well-being from both orientations decreased or disappeared. These findings suggest that orientation priorities are of equal importance in regard to hedonic and eudaimonic orientations.