The primary components of subjective well-being (SWB) include life satisfaction (LS), positive affect (PA), and negative affect (NA). There is little consensus, however, concerning how these components form a model of SWB. In this paper, six longitudinal studies varying in demographic characteristics, length of time between assessment periods, number of assessment periods, and type of measures employed were used to test a hybrid model of SWB comprising both common and component-specific sources of variance. The majority of explained variance in LS was attributable to temporally consistent common variance, rather than component-specific sources. For PA and NA, both common and component-specific sources were substantive and consistent over time. Implications for the conceptualization and operationalizations of SWB are discussed.