The importance of positive subjective well-being (SWB) is supported by the wide-ranging network of relations between students' SWB and crucial school processes and outcomes, such as positive student engagement behavior, interpersonal relationships, coping skills, and academic achievement. Some studies have revealed that not only is positive SWB a byproduct of positive school and life experiences, but that it also facilitates future positive experiences and reduces the likelihood of negative experiences. In this article, the author contends that if school psychologists wish to assess and promote students' positive well-being, attention must be given to possible conceptual frameworks and associated measurement instruments. One possible framework is offered by a modified version of one proposed by Randolph, Kangas, and Ruokamo (2009). Their hierarchical model incorporates four levels of happiness or perceived quality of life. The highest level refers to a student's overall quality of life. The second level comprises three lower order components: (1) frequency of positive emotions (e.g., joy, interest); (2) frequency of negative emotions (e.g., sadness, anger); and (3) global life satisfaction. The third level includes perceptions of satisfaction with respect to specific life domains, such as family, friends, self, living environment, and school. The fourth level includes key elements of school satisfaction, including perceptions of school climate, student engagement, and academic achievement. Assessments of student perceptions and performance across all levels of the model should provide a solid understanding of a student's sense of SWB in school. Attention to students' SWB and related constructs should enable school psychologists to go beyond problem-focused assessments to incorporate elements of strengths-based assessments and make differentiations of optimal well-being that portray children in a more comprehensive manner.