PURPOSE: This study was conducted to investigate the factors that affect subjective well-being in nursing students. METHODS: A total of 236 nursing students participated in the study. Data was collected from November through December 2013 using a self-reporting questionnaire that surveyed the level of gratitude, interpersonal relationship ability, subjective happiness, and life satisfaction. Data was analyzed by descriptive analysis, t-test, ANOVA, Pearson correlation coefficients and multiple regression with the SPSS/WIN 18.0 program. RESULTS: Subjective happiness positively correlated with gratitude (r=.41, p<.001) and interpersonal relationship ability (r=.55, p<.001). Life satisfaction positively correlated with gratitude (r=.53, p<.001) and interpersonal relationship ability (r=.37, p<.001). Significant predictors of subjective happiness included gratitude (beta=.38, p<.001), interpersonal relationship ability (beta=.28, p<.001) and major satisfaction (beta=.17, p=.002). The regression model explained 39.3% of subjective happiness. Significant predictors of life satisfaction included gratitude (beta=.42, p<.001), academic achievement (beta=.15, p=.006), interpersonal relationship ability (beta=.16, p=.008) and major satisfaction (beta=.12, p=.035). The regression model explained 35.3% of life satisfaction. CONCLUSION: To improve subjective well-being among nursing students, nurse educators should develop educational intervention programs to promote gratitude and interpersonal relationships.