In recent years, with the sustained and healthy economic development in China, the focus of people’s attention has gradually been shifted to spiritual pursuit after their material pursuit is met. As a special group, college students get more social attention, and the study of college students’ well-being is gradually carried out and furthered. In institutions of higher learning, the degree of college students’ well-being exerts direct influence on the degree of college students’ psychological health and college students’ recognition of higher education. Taking 205 students from Huazhong Agricultural University as an example, drawing on the subjective well-being scale compiled by Diener et al., and through discussions, interviews and questionnaires, this paper carries out a study from such aspects as gender, specialty, grade, region, family economic status and love situation, and uses SPSS20.0 software to implement such statistical analyses as factor analysis, partial correlation analysis, descriptive analysis and cluster analysis, thus researching the factors influencing college students’ well-being. The results show that the overall happiness perception of the students is relatively high, and very few students feel unhappy, indicating that the overall psychological situation of students in Huazhong Agricultural University is optimistic, but the psychological situation of individual students still needs our attention. The analysis shows that the well-being of college students is influenced by the factors such as grade, degree of love for their specialties, region and family economic status, and is not influenced by whether to be the only child in the family and gender. This paper suggests that we should strengthen ideal and belief education, in order to improve college students’ ability to endure setbacks; we should strengthen association education, in order to enrich college life; we should strengthen practice teaching, in order to enhance college students’ acceptance of the specialty they selected; we should strengthen the training of students’ employment ability, so that they will be able to adapt to the social environment of great employment pressure.