The present study proposed and tested a conceptual model of acculturation/enculturation and subjective well-being (SWB) by including social connectedness in mainstream society, social connectedness in the ethnic community, perceived discrimination, and expected social status as mediators. Survey data from 273 Asian American college students in the midwest were analyzed by using structural equation modeling. Results indicated that the effect of acculturation on SWB was mediated by social connectedness in mainstream and ethnic communities and expected social status, whereas the effect of enculturation on SWB was mediated by social connectedness in the ethnic community and expected social status. Contrary to the authors' hypothesis, perceived discrimination did not mediate the relation of acculturation and SWB, but indirectly influenced SWB via a lowered sense of connectedness to mainstream society. Approximately 46% of the variance in SWB was accounted for by the variables included in this model. Implications for theory, research, and practice are discussed. (Contains 3 figures and 2 tables.)